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(1) There shall be transferred and vested in the Authority such assets and liabilities as the Council may by executive instrument determine.

(2) The Authority shall be responsible for such liabilities and contracts as may have been incurred or entered into by any other person or body before the commencement of this Decree in respect of any of the functions of the Authority and specified in an executive instrument made under subsection (1) of this section, and any matter relating to such liabilities and contracts shall be carried out on and after that date by the Authority as if the Authority were such other person.