Upon the commencement of this Act—
(a) all land and other property of every kind, vested immediately before the commencement of this Act in Councils appointed under the repealed Acts shall vest in the Councils appointed under this Act;
(b) all rights, privileges and all liabilities and other obligations which Councils appointed under the repealed Act were entitled to before the commencement of this Act, are transferred and conferred or imposed upon the Councils appointed under this Act.