(1) All assets, liabilities and property of the erstwhile Railway and Ports Authority (established under the Railway and Ports Act, 1971 (Act 358)), for the purposes of its functions in respect of the railways shall, on and after the commencement of this Decree vest in the Ghana Railway Corporation, using as the basis, the balance sheet of the Railway and Ports Authority, as at June 1976.

(2) Subject to section 6 of this Decree every contract subsisting immediately before the commencement of this Decree between the erstwhile Railway and Ports Authority and any other party, and entered into for the purposes of its functions in respect of the railways shall on and after the commencement of this Decree continue to subsist between the Ghana Railway Corporation and the other party as if the Ghana Railway Corporation had entered into the contract.

(3) Where there is doubt as to whether by virtue of subsections (1) and (2) any asset, liability or property vests in the Ghana Railway Corporation or any contract continues between the Corporation and any other party, such doubt shall be resolved by the Commissioner, whose decision shall be final.

(4) Where by virtue of subsection (1) and (2), any asset or property vests in the Corporation, the Commissioner may by directions in writing grant permission to the Ghana Ports Authority or the officers or other employees thereof to participate in the use of such asset or property and the Commissioner's directions shall be complied with.

(5) Where immediately before the commencement of this Decree any asset or property of the erstwhile Railway and Ports Authority was used both for the purposes of its functions in respect of the said railways and ports, such asset or property may be allocated to either the Corporation or the Ghana Ports Authority, by the Commissioner as he deems fit.