(1) The assets, rights and properties vested in or held by the Service or any person on behalf of the National Fire Service under the Fire Service Act, 1963 (Act 219) are hereby vested in the Service established under this Act.

(2) The obligations and liabilities subsisting at the commencement of this Act in respect of the National Fire Service under the Fire Service Act, 1963 (Act 219) shall subsist in respect of the Service established under this Act.