(1) As from June 18, 1975, the date of establishment of the Nigam hereinafter in this Chapter referred to as "the appointed date" -
(a) all properties and assets (including waterworks, buildings, laboratories, stores, vehicles, furnitures and other furnishing) which immediately before the appointed date were vested in the State Government for the purposes of the Local SelfGovernment Engineering epartment shall vest in and stand transferred to the Nigam; and
(b) all the rights, liabilities and obligations of the State Government whether arising out of any contract or otherwise pertaining to the said departments 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)- All suits and other legal proceedings instituted or defended or which might but for vesting and transfers under sub-section (1) have been instituted or defended by or against the State Government, may be continued or instituted or defended by or against the Nigam.
(a) all properties and assets (including waterworks, buildings, laboratories, stores, vehicles, furnitures and other furnishing) which immediately before the appointed date were vested in the State Government for the purposes of the Local SelfGovernment Engineering epartment shall vest in and stand transferred to the Nigam; and
(b) all the rights, liabilities and obligations of the State Government whether arising out of any contract or otherwise pertaining to the said departments 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)- All suits and other legal proceedings instituted or defended or which might but for vesting and transfers under sub-section (1) have been instituted or defended by or against the State Government, may be continued or instituted or defended by or against the Nigam.