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Transfer of liabilities of the body corporate and the existing committee.
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42.—Every debt and other liability (including unliquidated liabilities arising from torts or breaches of contract) which immediately before the appointed day is owing and unpaid or has been incurred and is undischarged by the body corporate or the existing committee shall, on the appointed day, become and be the debt or liability of the Board and shall be paid or discharged by and may be recovered from or enforced against the Board accordingly.
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