Transfer of Functions

(a)There is transferred to the Housing Corporation the following property: All the assets and property -- real, personal and mixed, tangible and intangible -- of the Guarantee Fund of the Guam Finance and Development Corporation. The value of the property so transferred shall be fixed at the value shown on the books of the Guam Finance and Development Corporation at the date of transfer.

(b)The Housing Corporation shall assume and discharge all of the liabilities of the Guam Finance and Development Corporation.

(c)The servicing of all loans heretofore granted by the Guam Finance and Development Corporation shall continue to be the responsibility of this Housing Corporation.