(1) The rights, assets and liabilities accrued in respect of the properties vested in the Commission established under the Securities Industry Act, 1993 (PNDCL 333) immediately before the commencement of this Act and the persons employed by the Commission are transferred to the Commission established under this Act and accordingly proceedings taken by or against the former Commission may be continued by or against the Commission.

(2) A contract subsisting between the former Commission established under the Securities Industry Act, 1993 (PNDCL 333) and another person and in effect immediately before the commencement of this Act shall subsist between tire Commission established under this Act and that other person.