(1) On the
commencement day —
(a) the
assets and rights of the Board immediately before that day become assets and
rights of the Authority by force of this section; and
(b) the
liabilities of the Board immediately before that day become, by force of this
section, liabilities of the Authority.
(2) On and after the
commencement day, any proceedings that immediately before that day might have
been brought or continued by the Board may be brought or continued by the
Authority.
(3) On and after the
commencement day, any remedy that immediately before that day is available
against or to the Board is available against or to the Authority.