(2)All moneys and other property and all rights and interests, of whatever kind, owned by, vested in, used enjoyed or possessed by, or held in trust by or for, the Indian Tea Licensing Committee constituted under the Indian Tea Control Act, 1938 (8 of 1938), and the Central Tea Board constituted under the Central Tea Board Act, 1949 (13 of 1949), as well as all liabilities legally subsisting against that Committee or that Board shall pass to the Board with effect from the commencement of this Act.
