Amendment status not verified — confirm the current text below against the official source.
(1) All property, assets, rights and liabilities of the Government or any other authority shall, in so far as such property, assets, rights and liabilities are relatable immediately before the date of establishment of the Board to the improvement of the slum area, the clearance of the slum area and the re-development of the slum clearance area, stand transferred to and vested in the Board. (2) All contracts, agreements and other instruments of whatever nature subsisting or having effect immediately before the date of the establishment of the Board and to which the Government or such other authority is a party, in so far as such contracts, agreements and instruments are relatable to the improvement of the slum area, the clearance of a slum area and the re-development of a slum clearance area shall be of full force and effect against or in favour of the Board and may be enforced or acted upon as fully and effectually as if, instead of the Government or such other authority, the Board had been a party thereto or as if they had been entered into a issued in favour of the Board. (3) If, on the date of establishment of the Board, any suit, appeal or other legal proceeding of whatever nature by or against the Government or such other authority is pending, then such suit, appeal or other legal proceeding in so far it is relatable to the improvement of the slum area, the clearance of a slum area and the re-development of a slum clearance area, shall not abate, be discontinued or be in any way prejudicially affected by reason of the transfer to the Board of the property, assets, rights and liabilities of the Government or such other authority or of anything done under this Act, but the suit, appeal or other proceeding may be continued, prosecuted and enforced by or against the Board. 263 Explanation.- For the purposed of this sub-section, “legal proceeding” includes any proceeding under the Land Acquisition Act, 1894 (Central Act I of 1894).”. Insertion of new section 39A.