Section 12
SEC. 12. Chapter sixteen of the Revised Administrative Code, as amended, is hereby repealed, and all the present assets and liabilities of the Property Insurance Fund created thereunder shall be liquidated upon approval of this Act and turned over to the System. The Auditor General and the Commissioner of the Budget or their authorized representative shall carry out the provisions of this section: Provided, That the properties insured under the Property Insurance Fund shall continue to be governed by existing law until they shall have been insured anew with the Fund under the provisions of this Act.