Section 3 of Kalri Lake Development Act, 1964

Transfer of assets and liabilities of the Board to the Corporation As from the coming into force of this Act— (a) all business, projects, undertakings and properties of the Board shall stand transferred to and vest in, the Corporation; (b) all debts, liabilities and obligations incurred, contracts entered into, and all matters and things engaged to be done by, with or for, and all suits and other proceedings by or against, the Board, shall be deemed to be debts, liabilities and obligations incurred, contracts entered into, or, as the case may be, matters and things engaged to be done by, with or for, and suits and other proceedings by or against the Corporation; (c) all officers, advisers and employees of the Board other than the Chairman and the Members of the Board shall stand transferred for service under the Corporation on such terms and conditions as may be determined by Government.