(1) On the establishment of the Board--
         (i) all properties, funds and dues which are vested in, or realisable by, the trustees of the library constituted by the deed of trust, in their capacity as such, shall vest in, and be realisable by, the Board; and
         (ii) all liabilities in relation to the library, which are enforceable against the said trustees, shall be enforceable only against the Board.
     (2) All properties, which may, after the establishment of the Board, be given, bequeathed or otherwise transferred to the library or acquired by the Board, shall vest in the Board.