7. Debts due by, and payable to, the Asso-ciation

All debts and liabilities of the Association existing on the day preceding the date of commencement of this Act shall be paid and discharged by the Corporation, and al!

debts due to, and subscriptions and contributions payable to, the Association on that day shall be paid to the Corpo-ration for the purposes of this Act.

New Young Men’s Christian Association, Moratuwa 3

(Incorporation) Act, No. 26 of 1992