Section 20

all property, movable and immovable, which immediately before that date was vested in and held by or for the Board shall be transferred to and vest in the Association without further assurance and the Association shall have all powers necessary to take possession of, recover and deal with such property;

all rights, obligations and liabilities of the Board which may have existed before that date shall be the rights, obligations and liabilities of the Association; and

every agreement, whether in writing or not, and every deed, bond or other instrument to which the Board was a party or which affected the Board, and whether or not of such a nature that the rights, liabilities and obligations thereunder could be assigned, shall have effect as if the Association were a party thereto or affected thereby instead of the Board and as if for every reference (however worded and whether expressed or implied) to the Board there were substituted in respect of anything to be done on or after that date a reference to the Association.[21