: (1) The Industrial Business Development Committee (Formation) Order, 2052 is repealed and all the movable and immovable property of the committee constituted in accordance with the said order shall be transferred to the establishment.
(2) Contracts, leases and agreements made with the committee formed under the order of sub-section (1) shall be deemed to have been made with the establishment and all the operations made by the said committee shall be considered to be made by the establishment.