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Preservation of contracts of service.
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67.—Every contract of service express or implied which was entered into and is in force immediately before the establishment date between the dissolved company and any person being a salaried officer or employee of the dissolved company shall continue in force on and after the establishment date, but shall be construed and have effect as if the Board were substituted therein for the dissolved company, and every such contract shall be enforceable by or against the Board accordingly.
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