Clause 14

Upon the coming into operation of this section, such lands, buildings and other property, movable or immovable, powers, rights, interests and privileges, obligations and liabilities vested in, belonging to or incurred by the Timber Export Industry Board established by the Timber Export Industry Board (Incorporation) Act (Cap. 203) (hereinafter in this Act referred to as the “former Board”) shall be transferred to and vest in the Board for the purposes of this Act without further assurance or assignment.

Upon such transfer, all duties, liabilities and obligations in connection with or appertaining to the lands, buildings and other property referred to in subsection (1) shall also be transferred to and be deemed to have been incurred by the Board.

Where in any document, there is a reference to the former Board in connection with or in relation to the performance or exercise of one or more of the functions, duties or powers that are imposed or conferred on the Board by this Act, the document shall have effect as if the Board had originally been referred to therein instead of the former Board.

All deeds, bonds, agreements, instruments and working arrangements, subsisting immediately prior to the date of the coming into operation of this section affecting any property, right, interest, liability and obligation which under and by virtue of this Act is transferred to, vested in or deemed to have been incurred by the Board under this Act, shall have effect against or in favour of the Board, and be enforceable as fully and effectually as if, instead of the former Board or a person acting on behalf thereof, the Board had been named therein or had been a party thereto.

Any proceedings or cause of action pending or existing immediately prior to the date of the coming into operation of this section by or against the former Board in respect of any property, right, power, interest, liability or obligation which under and by virtue of this Act is transferred to, vested in or deemed to have been incurred by the Board may be continued and enforced by or against the Board as it might have been by or against the former Board, had this section not come into operation.