(1) The undertakings of the societies shall be deemed to include all assets, rights, powers, authorities and privileges and all properties, movable and immovable, including lands, buildings, workshops, stores, instruments, machinery and equipment, cash balances, cash on hand, reserve fund, investments and book debts, letters of intent, licences and all other rights and interests in, or arising out of, such property as were immediately before the appointed day in the ownership, possession, power or control of the societies in relation to their undertakings, and all books of account, registers and all other documents of whatever nature relating thereto, and shall also be deemed to include all borrowings, liabilities and obligations of whatever kind then subsisting of the societies in relation to their undertakings and their employees.
(2) All contracts and working arrangements which are subsisting immediately before the appointed day and affecting any of the societies shall, in so far as they relate to the undertaking of that society, cease to have effect or be enforceable against that society or any officer thereof or any person who was surety or had guaranteed the performance thereof, and shall be of as full force and effect against or in favour of the Government and may be enforced or acted upon as fully and effectually as if, instead of the society, the Government had been named or had been a party thereto.
(3) Any proceeding or cause of action pending or existing immediately before the appointed day by or against any of the societies in relation to its undertaking may, as from that day, be continued and enforced by or against the Government as it might have been enforced by or against the society if this Act had not been passed, and shall cease to be enforceable by or against the society, its officers, sureties or guarantors.