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Preservation of continuing contracts of the dissolved body.
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28.—Every bond, guarantee, mortgage or other security of a continuing nature made or given by the dissolved body to any person, or by any person to such dissolved body, and in force immediately before the commencement of this Part, and every contract or agreement in writing made between the dissolved body and another person and not fully executed and completed before such commencement shall notwithstanding the dissolution of the dissolved body, continue in force on and after such commencement but shall be construed and have effect as if the name of the Board were substituted therein for the name of the dissolved body, and such security, contract, or agreement shall be enforceable by or against the Board accordingly.
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