38. (1) Upon the establishment of the Institution, the Bangladesh Standards Institution Ordinance, 1977 (XXXIX of 1977), hereinafter referred to as the said Ordinance, shall stand repealed.
(2) Upon such repeal,-
(a) the Bangladesh Standards Institution established under the said Ordinance, hereinafter referred to as the dissolved Institutions shall stand dissolved;
(b) all assets, rights, powers, authorities and privileges and all property, movable and immovable, cash and bank balances, reserve funds, investments and all other rights and interests in, or arising out of, such property, and all books of accounts, registers, records and all other documents of the dissolved Institution shall stand transferred to, and vest in, the Institution;
(c) all debts and liabilities incurred, all obligations undertaken, all contracts entered into and all agreements made by or with the dissolved Institution before such repeal shall be deemed to have been incurred, undertaken, entered into or made by or with the Institution;
(d) all suits and other legal proceedings instituted by or against the dissolved Institution before such repeal shall be deemed to be suits and proceedings by or against the Institution and shall be proceeded or otherwise dealt with accordingly;
(e) all officers and other employees of the dissolved Institution shall stand transferred to and become officers and employees of the Institution and shall hold office or service under the Institution on the same terms and conditions as were applicable to them immediately before such repeal and shall continue to do so until their terms and conditions are duly altered by the Institution;
f) all Provident Funds established, maintained or managed by the dissolved Institution and existing immediately before such repeal shall continue to exist and the subscriptions and contributions thereto shall be credited to the Institution and the Institution shall be liable to make payment to the officers and employees concerned out of these Funds.