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(1) All assets and liabilities which immediately before the commencement of this Decree vested in the National Standards Board set up under the Standards Decree, 1967 (NLCD 199) are hereby vested in the Board.

(2) Every contract in respect of any matter subsisting between the National Standards Board and any other person immediately before the commencement of this Decree shall be deemed to subsist between the Board and such other person.