law: The Actuaries Act, 2006
  4. Transfer of
  
  assets, liabilities, etc., of Actuarial Society. - 
  On the appointed
  
  day,- 
  a. 
  
   all
  
  the assets and liabilities of the Actuarial Society shall stand transferred to,
  
  and vested in, the Institute. Explanation.-The assets of the Actuarial Society
  
  shall be deemed to include all rights and powers and all properties, whether
  
  movable or immovable, including, in particular, cash balances, deposits and all
  
  other interests and rights in, or arising out of, such properties as may be in
  
  the possession of the said Society and all books of account and other documents
  
  relating to the same; and liabilities shall be deemed to include all debts,
  
  liabilities and obligations of whatever kind; 
  b. 
  
   without
  
  prejudice to the provisions of clause (a), all debts, obligations and
  
  liabilities incurred, all contracts entered into and all matters and things
  
  engaged to be done by, with or for the Actuarial Society immediately before
  
  that day, for or in connection with the purpose of the said Society, shall be
  
  deemed to have been incurred, entered into or engaged to be done by, with or
  
  for, the Institute;
  c. 
  
   all
  
  sums of money due to the Actuarial Society immediately before that day shall be
  
  deemed to be due to the Institute; and
  d. 
  
   all
  
  suits and other legal proceedings instituted or which could have been
  
  instituted by or against the Actuarial Society immediately before that day may
  
  be continued or may be instituted by or against the Institute.