(1) Subject to the provisions of any law for the time being in force, on and from the date of a notification under section 14,-
(a) all properties and assets comprising of movables and immovables of such roads vested in the Government and under the control of the Roads and Buildings Department of the Government, shall vest in and stand transferred to the Corporation;
(b) all rights, obligations and liabilities, acquired or incurred, all contracts entered into and all matters and things engaged to be done by, with, or for the Government, immediately before such date for or in connection with the purposes of any road or any stretch thereof vested in, or entrusted to, the Corporation under section 14, shall be deemed to have been acquired, incurred, entered into and engaged to be done by, with or for, the Corporation;
(c) all non-recurring expenditure incurred by or for the Government, for or in connection with the purposes of any road or any stretch thereof so vested in or entrusted to, the Corporation, upto such date and declared to be capital expenditure by the Government shall, subject to such terms and conditions as may be prescribed, be treated as capital provided by the Government to the Corporation;
(d) all sums of money due to the Government in relation to any road or any stretch thereof so vested in or Transfer of assets and liabilities of the Government to the Corporation.
Central Act II of 1924.
[Act No.1 of 1998] 13 entrusted to, the Corporation immediately before such date shall be deemed to be due to the Corporation;
(e) all suits and other legal proceedings instituted or which could have been instituted by or against the Government immediately before such date for any matter in relation to such road or any stretch thereof may be continued or instituted by or against the Corporation.
(2) Such properties assets, rights, obligations and liabilities shall be valued in such manner as the Government may determine.
(3) If any doubt or disputes arises as to which of the properties or assets or rights or liabilities of the Government have been transferred to the Corporation such doubt or dispute shall be referred to and decided by the Government, whose decision shall be final.
CHAPTER - IV FUNCTIONS AND POWERS OF CORPORATION