12. Debts due by and payable to the Foundation

All debts and liabilities of the Foundation existing on the day immediatly preceding the date of commencement of this Act, shall be paid by the Corporation hereby

9

Victor Antony Educational, Social, Economic

Services and Charity Foundation (Incorporation)

Act, No. 21 of 2014

constituted and all debts due to and subscriptions and contributions payable to the Foundation on that day shall be paid to the Corporation for the purpose of this Act.