576. (1) All debts and obligations incurred and all contracts made by or on behalf of the [Municipal Board or, as the case may be, to the Municipal Council] or local authority immediately before the appointed day and subsisting on the said day shall be deemed to have been incurred and made by the [Municipal Commissioner] for the said City in exercise of the powers conferred on him by this Act and shall continue in operation accordingly.
(2) All proceedings pending before any authority of the [] or local authority on the said day which under the provisions of this Act are required to be instituted before or undertaken by the [Municipal Commissioner] shall be transferred to and continued by him and all other such proceedings shall, so far as may be, be transferred to and continued by such authority before or by whom they have to be instituted or undertaken under the provisions of this Act.
(3) All appeals pending before any authority of the [Municipal Board or, as the case may be, to the Municipal Council] or local authority on the said date shall, so far as may be practicable, be disposed of as if the area was constituted to be a City when they were filed.
(4) All prosecutions instituted by or on behalf of the [Municipal Board or, as the case may be, to the Municipal Council] or local authority and all suits and other legal proceedings instituted by or against the [Municipal Board or, as the case may be, to the Municipal Council] local authority or any officer of the [Municipal Board or, as the case may be, to the Municipal Council] or local authority pending on the said date shall be continued by or against the [Municipal Commissioner] or the [Corporation] for the said City, as the case may be, as if the area was constituted to be a City when such prosecution, suit or proceeding was instituted.