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1Where a marketing scheme is revoked by a subsequent scheme, the subsequent scheme may provide for the transfer to the new board of the whole or any part of the property, rights and liabilities of the existing board, for the continuation by or against the new board of any legal proceedings instituted by or against the existing board which are pending at the time of the revocation, and for the dissolution, without winding-up, of the existing board.
In this paragraph the expression " the new board " means the board administering the subsequent scheme, and the expression " the existing board " means the board administering the scheme revoked.
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