Section 14. Transfer of assets and liabilities, etc.

(1) On and from the date of establishment or the date of notification of the State Maritime Board under sub-section (1) of section 13, the State Government shall transfer to the State Maritime Board, and vest, amongst other things,--- (a) all port land, property, assets, funds, interest in property and all rights to levy rates vested in the State Government; (b) all rates, fees, rents and other sums of money due to the State Government; and (c) every employee serving under the State Government before such date solely or mainly for or in connection with affairs of the port. (2) All debts, obligations and liabilities incurred, all contracts entered into and all matters and things engaged to be done with or for the State Government till the date of establishment or the date of notification of the State Maritime Board under sub-section (1) of section 13, shall be deemed to have been incurred, entered into or done by, with or for the State Maritime Board, and all suits or other legal proceedings instituted by or against the State Government till the date of establishment or the date of notification of the State Maritime Board, be continued or instituted by or against the State Maritime Board.