(1) The undertaking of the Society shall be deemed to include all assets, rights, powers, authorities and privileges; and all property movable and immovable, including lands, buildings, workshops, stores, instruments, machinery and equipment, cash balances, cash on hand, reserve fund, investments and book debts; and all other rights and interests arising out of such property as were immediately before the appointed day in the ownership, possession, power or control of the Society in relation to its undertaking, 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 Society in relation to its undertaking.
(2) All contracts and working arrangements which are subsisting immediately before the appointed day and affecting the Society shall, in so far as they relate to the undertaking of the Society, cease to have effect or be enforceable against the Society or any 3 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 enforceable as fully and effectually as if, instead of the Society, the Government had been named therein or had been a party thereto.
(3) Any proceeding or cause of action pending or existing immediately before the appointed day by or against the Society in relation to its undertaking may, as from such commencement, 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 surety or guarantor.