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Preservation of existing contracts.
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34.— (1) Every bond, guarantee or other security of a continuing character made or given by the Commission to another person or by any person to the Commission and in force immediately before the dissolution day and every contract or agreement in writing made between the Commission and any other person and not fully executed and completed before the dissolution day, notwithstanding the dissolution of the Commission, continues in force on and after the dissolution day but shall be construed and have effect as if the Authority was substituted therein for the Commission.
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