Where, immediately before the appointed day, the Union in connection with the governance of the existing Union territory is liable as guarantor in respect of any liability of a registered co-operative society or other person, that liability of the Union shall be a liability of the State of Goa—
         (a) if the area of the operations of such society or person is limited to the territories in the district of Goa of the existing Union territory; and
         (b) if the area of the operations of such society or person extends to the whole of the existing Union territory:
     Provided that in any such case as is referred to in clause (b), the initial allocation of liabilities under this section shall be subject to such financial adjustments as may be agreed upon between the State of Goa and the Union or in default of such agreement, as the Central Government may, by order, direct.