Section 12 in Tamil Nadu State Housing Board Act, 1961
12. Transfer of assets and liabilities of the City Improvement Trust to the Board.
(1)On the appointed day the Board of Trustees for the improvement of the City of Madras (hereinafter referred to as the City Improvement Trust) shall it and dissolved and all its assets and liabilities shall stand transferred to and vested in the Board.(2)The assets of the City Improvement Trust shall be deemed to include all rights and powers and all property, whether movable or immovable, belonging to or vested in the City Improvement Trust including in particular cash balances, reserve funds, investments, deposits and all other interests and rights in or arising out of such property as may be in the possession of the City Improvement Trust and all books of account or documents kept or maintained by the City Improvement Trust; and the liabilities of the City Improvement Trust shall be deemed to include all debts, liabilities and obligations of whatever kind then existing and pertaining to the City Improvement Trust.Explanation. - In this section and in sections 13, 14 and 15, "appointed day" means the date on which this Act comes into force in the City of Madras.
