(1) All land and all stores, articles and other goods in the transferred territories belonging to the State of Rajasthan shall, as from the appointed day, pass to the State of Madhya Pradesh.
     Explanation.—In this sub-section, the expression "land" includes immoveable property of every kind and any rights in or over such property and the expression "goods" does not include coins, bank notes and currency notes.
     (2) All rights, liabilities and obligations, whether arising out of a contract or otherwise, of the State of Rajasthan in relation to the transferred territories shall, as from the appointed day, be the rights, liabilities and obligations, respectively, of the State of Madhya Pradesh.