Section 33(2) in Bombay Khadi and Village Industries Act, 1960
(2)The assets, rights and liabilities of the Saurashtra Board and the pre-Reorganisation Bombay Board shall, as from the appointed clay, pass to the State Government: Provided that, the State Government shall, upon the establishment of a new Board or Boards, by an order published in the Official Gazette, transfer, either in whole or in part and subject to such terms and conditions as it deems fit, the assets, rights and liabilities of each of the Board aforesaid (including the rights and liabilities under any contract made by it) to a new Board or Boards established by it.
