law: Company Secretaries Act, 1980
  32. Transfer of Assets and Liabilities of the Dissolved Company to the Institute
  (1) On the commencement of this Act, there
  
  shall be transferred to and vested in the Institute all the assets and
  
  liabilities of the dissolved company.
  (2) The assets of the dissolved company shall
  
  be deemed to include all rights and powers, and all property, whether movable
  
  or immovable, of that company, including in particular, cash balances, reserve
  
  funds, investments, deposits and all other interests and rights in or arising
  
  out of such property as may be in the posses
  sion of the dissolved
  
  company and all books of accounts, papers or documents of the dissolved
  
  company; and the liabilities shall be deemed to include all debts, liabilities
  
  and obligations of whatever kind then existing of that company.
  (3) All contracts, debts, bonds, agreements and other instruments of whatever
  
  nature to which the dissolved company is a party, subsisting or having effect
  
  immediately before the commencement of this Act, shall be of as full force and
  
  effect against or in favor of the Institute, as the case may be, and may be
  
  enforced as fully and effectively as if instead of the dissolved company, the
  
  Institute had been a party thereto.
  (4) If, on the commencement of this Act, any
  
  suit, appeal or other legal proceeding of whatever nature by or against the
  
  dissolved company is pending, the same shall not abate, be discontinued or be
  
  in any way prejudicially affected by reason of the transfer to the Institute of
  
  the assets and liabilities of the dissolved company or of anything contained in
  
  this Act, but the suit, appeal or other proceeding may be continued, prosecuted
  
  and enforced by or against the Institute, in the same manner and to the same
  
  extent as it would or may be continued, prosecuted and enforced by or against
  
  the dissolved company if this Act had not been passed.