(1) All rights assets and property vested in, or in any manner held on behalf of or for the purposes of the former Library Board (hereinafter referred to as "the former Library Board") established under the Gold Coast Library Board Ordinance (Cap. 118) as subsequently amended, immediately before the commencement of this Act, shall, after such commencement similarly vest in or be held on behalf of or for the purposes of the Board.

(2) All liabilities and obligations subsisting against the former Library Board immediately before the commencement of this Act, shall thereafter similarly continue to subsist against the Board.

(3) Every contract in respect of any matter, being a contract between the former Board and any other party immediately before the commencement of this Act shall thereafter similarly continue to subsist between the Board and such other party.

(4) Any person in the employment of the former Library Board immediately before the commencement of this Act, shall, thereafter and subject to any direction given by the Government, continue in the employment of the Board in the post and on the terms in and on which he was employed by the former Library Board and shall not be made to suffer arbitrary dismissal.