Section 3: With effect from the appointed date—

(*a*) all immovable property vested in the Rice Corporation under sub-section (1) of section 21 of the Rice Corporation Act, 1965 or acquired for the Rice Corporation by virtue of Public Lands Act in accordance with the provisions of section 36 of the Rice Corporation Act, is hereby transferred to and vested in the Produce Marketing Board; (*b*) all the rights, debts, liabilities and obligations of the Rice Corporation are on that day hereby transferred to the Produce Marketing Board; (*c*) all equipment, installations and other movable property of the Rice Corporation are hereby transferred to and vested in the Produce Marketing Board; (*d*) all contracts, deeds, bonds, agreements and other instruments which subsist or have effect on that day and to which the Rice Corporation is a party, other than any contract of employment with any officer or servant of the Rice Corporation, have effect against or in favour of the Produce No. 3 *Rice Corporation (Repeal)* 1980 25 Marketing Board as fully and effectively as if instead of the Rice Corporation, the Produce Marketing Board had been a party thereto. [Margin: Duties of the Produce Marketing Board.]