Property, and all books, etc., shall be vested in Water Commission on its appointment

9. On and after the appointment of the Water Commission under this Law, all property, real and personal, and all books, papers and documents which, at the time of such appointment shall be vested in or belong to the authority for which it is substituted, and all the rights, powers and liabilities thereof shall vest in and belong and be attached to such Water Commission; and all contracts, covenants, agreements, and obligations whatsoever relating to the property or affairs of such outgoing authority shall be deemed to be contracts, covenants, agreements and obligations of such Water Commission and shall and may be enforced and performed accordingly.