Paragraph 5

From the Commencement Date all Rights and Obligations of the Abolished Boards and Property of the Abolished Boards shall be transferred to and vested in, or fall to be discharged by, the New Board.

From the Commencement Date all property (including books of account, other books, deeds, maps, papers and other documents), rights, powers (including Statutory Powers), duties, obligations and liabilities which immediately before the Commencement Date were vested in or fell to be discharged by the Agency, in its capacity as the drainage board for the Agency Administered Districts, shall be transferred to and vested in or fall to be discharged by the New Board.