Transfer of assets results in automatic vesting and succession of rights, liabilities and proceedings in the authority. On establishment, references to the existing Investor Education and Protection Fund shall be deemed references to the Authority; all movable and immovable properties and assets vest in the Authority, and all rights, liabilities, debts, obligations and contracts of the prior fund are transferred to and become those of the Authority. Debts and obligations incurred and contracts entered into before establishment are deemed incurred or entered into by the Authority; sums due to the prior fund are deemed due to the Authority; and suits or proceedings by or against the prior fund may be continued or instituted by or against the Authority.