23. Notwithstanding anything contained in any other law for the time being in force or in any memorandum or articles of association, deed or other instrument, on the commencement of this Order,-
(a) all assets of the Trading Corporation of Pakistan Limited, hereinafter referred to as the said company, in Bangladesh shall stand transferred to, and vested in, the Corporation;
Explanation.- The expression “assets” includes all rights, powers, authorities and privileges, all property, movable and immovable, including lands, buildings, cash balances, bank deposits, 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 whatever nature relating thereto;
(b) all debts and liabilities incurred, all obligations undertaken, all contracts entered into and all agreements made in Bangladesh by or with the said company shall, unless the Government otherwise directs stand transferred to, and be deemed to have been incurred, undertaken, entered into or made by or with, the Corporation;
(c) all suits or other legal proceedings instituted by or against the said company in Bangladesh before the commencement of this Order shall, unless the Government otherwise directs, be deemed to have been instituted by or against the Corporation and may be continued or proceeded with accordingly;
(d) all officers and other employees of the said company in Bangladesh shall stand transferred to the Corporation on such terms and conditions as the Corporation may determine:
Provided that an officer or other employee so transferred shall have the option not to continue in the service of the Corporation.