Clause 49

All property of whatever kind and whether movable or immovable vested in or belonging to the Provisional Authority immediately before the date of commencement of this Act shall as from that date be transferred to and vest in the same interest in the Corporation without any further assurance and the Corporation shall have all powers necessary to take possession of, recover and obtain the benefit of such property.

All obligations and liabilities of the Provisional Authority immediately before the date of commencement of this Act shall as from that date be the obligations and liabilities of the Corporation and the Corporation shall have all necessary powers to discharge the same.