Clause 38

All deeds, bonds, agreements, instruments and working arrangements, subsisting immediately before the appointed day, affecting any of the property, rights, interests, liabilities and obligations transferred to or vested in the Board under section 37(1) shall continue in force on and after that day and shall be enforceable by or against the Board as if, instead of the Government or a person acting on behalf of the Government, the Board had been named therein or had been a party thereto.