(1) On and from the appointed date,-
(a) all properties and all interest, rights and properties including gross business, movable and immovable properties, all kinds of investment, lease, lease agreements, hire purchase contracts, all profits, security arrangements, powers, allotments, restorations, transfer, transfer documents grants, consents, covenant, registration, contracts, license rights, ownerships, profits of any kind which is relieved in favour of the Corporation wherever situated, and vests in favour of the Corporation in the form of ownership, taxes, rights, control and otherwise of the Corporation, utilisation of surcharges etc. by the Corporation whether entered in the books of Corporation or not, but not confining to the above commercial names, any kind of academic properties, sanctions, adherences, right to use electricity and other general utilities, telephones, faxes, cars and motor vehicles, internet schemes and right to use on settlement, profit of covenant of all kind and other interests which are collectively called as the property of the Corporation shall be deemed to be transferred to, and vested in the Authority under the present status of complete ownerships, mortgages, pledges, hypothecation, etc.;
(b) all debts, liabilities of Corporation including liabilities and obligations relating to Industrial Development Area, which collectively will be called as the liabilities of the Corporation whether entered in the books of the Corporation or not, properties, funds and excesses shall be deemed to be transferred to, and vested in the Authority without any other document, consequent upon which, they shall become debts, liabilities, duties, obligations, properties and excesses of the Authority. If necessary, the Corporation shall obtain the consent of the debtors concerned for the transfer of such liabilities and Authority shall, after transfer of such properties and liabilities also undertake the works of schemes of infrastructure development and industrial promotions undertaken by the Corporation, all plans of the Government of India and State Government which the Corporation is conducting and other development works assigned by the State Government and shall undertake the functions, responsibilities, liabilities vested in it under die provisions of Uttar Pradesh State Industrial Area Development Act, 1976.
(2) Consequent upon the transfer of all properties and liabilities of the Corporation, the Corporation shall remain as a shell company, the liabilities of which shall become the share capital made available by the Government and the profit earned by the Corporation as an accumulated fund and this shall be paid to the Authority as the interest free loan till the winding up of the Corporation. This amount shall be made available to the Authority by the State Government as the Seed Capital or Rolling Fund and the amount of Accumulated Fund shall be made available by it to the Authority as the capital reserve, the transfer of which shall be made by a Government Order only.
(3) All payments to be made to the State Government by the Corporation shall be continued to be made by the Authority and timely payment of all the interest/principal amounts payable on the Government loans/guarantees shall be ensured by the Authority,
(4) With respect to the Industrial Development Areas of the Authority mentioned in the Schedule all cases, proceedings, or writs pending or filed by or against the Corporation shall be deemed to be pending in favour of, or filed by or against, the Authority;
(5) The consideration of the Corporation on account of the transfer of its properties and liabilities shall be determined on the basis of the value mentioned in the account books of the Corporation on the appointed date by the Chartered Accountant.