On the abolition of the Committee,--
         (a) all the rights and privileges of the Committee shall become the rights and privileges of the Central Government;
         (b) all properties, movable and immovable, including cash balances, reserve funds, instruments and moneys lying to the credit of the Committee and all rights and interests in, or arising out of, such properties as were immediately before the appointed day, in the ownership, possession, power or control of the Committee, and all books of account, registers, records and all other documents of whatever nature relating thereto, shall vest in the Central Government;
         (c) all borrowings, liabilities and obligations of the Committee of whatever kind and subsisting immediately before the appointed day, shall be deemed, on and from such day, to be the borrowings, liabilities and obligations, as the case may be, of the Central Government; and
         (d) all contracts entered into, and all matters and things engaged to be done by, with or for, the Committee and subsisting immediately before the appointed day shall be deemed, on and from such day, to have been entered into, or engaged to be done by, with or for, the Central Government.