23. (1) Upon the establishment of the Board, the Chittagong Hill Tracts Development Board constituted by the Cabinet Division notification No. 21/2/76-Rules, dated the 14th January, 1976, hereinafter referred to as the existing Board, shall stand dissolved and the said notification shall stand rescinded. (2) Upon the dissolution of the existing Board,- (a) all assets, rights, powers, authorities and privileges, and all property, movable or immovable, cash and bank balances, funds, investments and all other interests and rights in, or arising out of, such property of the existing Board subsisting immediately before its dissolution shall stand transferred to and vest in the Board; (b) all debts, obligations and liabilities incurred, all contracts entered into and all matters and things engaged to be done by, with or for the existing Board before its dissolution shall be deemed to have been incurred, entered into or engaged to be done by, with or for the Board; (c) all budget estimates, schemes or projects made by the existing Board shall be deemed to have been made by the Board under the provisions of this Ordinance and shall continue in force until they are altered, amended or superseded under the said provisions; (d) all officers and other employees of the existing Board shall stand transferred to and become officers and employees of the Board and shall hold office or service in the Board on the same terms and conditions as were enjoyed by them immediately before such dissolution and shall continue to do so until the terms and conditions are duly altered under this Ordinance; (e) all suits, prosecutions and other legal proceedings instituted by or against the existing Board before its dissolution shall be deemed to be suits, prosecutions and proceedings by or against the Board and shall be proceeded or otherwise dealt with accordingly.