Section 4: Dissolution of Council of the Institute, etc. On the commencement of this Ordinance,__

4. Dissolution of Council of the Institute, etc. On the commencement of this Ordinance,__ (a) the Council of the Institute shall stand dissolved; (b) any person exercising or having the right to exercise immediately before the commencement of this Ordinance any power or function in relation to the Institute shall cease to exercise or to have the right to exercise such power or function ; (c) the administration of the affairs of the Institute shall vest in the Administrator; (d) all assets, rights, powers, authorities and privileges, all property movable and immovable, cash and bank balances, reserves funds, investments, and all other interests and rights in, or arising out of, such property, of the Institute shall stand transferred to, and vest in, the Administrator; (e) all debts and liabilities incurred, all obligations under taken, all contracts entered into, and all agreements made by or with the Institute, shall stand transferred to, and be deemed to have been incurred, undertaken, entered into or made, by or with, the Administrator ; (f) any sum payable to, or recoverable by, the Institute shall be deemed to be payable to, or recoverable by, the Administrator; and (g) all suits and other legal proceedings instituted by or against the I nstitute before such commencement shall be deemed to have been instituted by or against the Administrator and may be continued or proceeded with accordingly.

Effective date: 1980-01-01

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