[31. As from the date of establishment of the Nigam hereinafter referred to as "the appointed date", -
(a) all properties and assets (including waterworks, buildings, laboratories, stores, vehicles, furniture's and other furnishing) which immediately before the appointed date were vested in the erstwhile Uttar Pradesh Jal Nigam shall vest in and stand transferred to the Nigam, as the State Government may by an order determine;
(b) all the rights, liabilities and obligations of the erstwhile Uttar Pradesh Jal Nigam whether arising out of any contract or otherwise pertaining to the said department shall be the rights, liabilities and obligations of the Nigam.
(2) such properties, assets, rights, liabilities and obligations shall be valued in such manner as the State Government may determine.
(3) the State Government may take stock of property, assets, liabilities and obligations of Nigam from time to time and can direct for vesting, transfer or reallocate the same between the Uttar Pradesh Jal Nigam (Urban) and Uttar Pradesh Jal Nigam (Rural) by any general or specific order as prescribed.
(4) Where, immediately before the appointed day, the erstwhile Uttar Pradesh Jal Nigam is a party to any legal proceedings with respect to any property, rights or liabilities subject to apportionment between the Nigam under this Act, the Nigam that succeeds to, or acquires a share in, that property or those rights or liabilities by virtue of any provision of this Act shall be deemed to be substituted for the erstwhile Uttar Pradesh Jal Nigam or added as a party to those proceedings, and the proceedings may continue accordingly.]