(1) The assets, rights and properties held by or on behalf of or for the purposes of the Ghana Institute of Management and Public Administration in existence immediately before the coming into force of this Act and all persons employed for or by the Institute are by this section transferred to the Ghana Institute of Management and Public Administration established under this Act.

(2) The obligations and liabilities subsisting against the Ghana Institute of Management and Public Administration immediately before the coming into force of this Act shall on the coming into force of this Act subsist between the Institute established under this Act and the party concerned.