(1) All rights, liabilities and obligations whether arising out of any contract or otherwise, which are, immediately before the appointed day, the rights, liabilities and obligations of the autonomous State of Meghalya, including the rights, liabilities and obligations apportioned or to be apportioned to the share of the autonomous State of Meghalaya by virtue of section 58 of the Assam Reorganisation (Meghalaya) Act, 1969 (55 of 1969), shall, on and from the appointed day, be the rights, liabilities and obligations of the State of Meghalya.
     (2) All property and assets held by the autonomous State of Meghalya immediately before the appointed day, including the property and assets apportioned or to be apportioned to the share of the autonomous State of Mehgalya by virtue of section 58 of the Assam Reorganisation (Meghalaya) Act, 1969 (55 of 1969) shall, on and from that day, pass to the State of Meghalya.
     (3) Subject to the provisions of sub-sections (1) and (2) of this section and section 52, all rights, liabilities and obligations whether arising out of any contract or otherwise, which are, immediately before the appointed day, the rights, liabilities and obligations of the existing State of Assam and all property and assets held by the existing State of Assam immediately before the appointed day shall be apportioned between the State of Assam and the State of Meghalaya in accordance with the provisions contained in the Sixth Schedule.