Sec. 126. Transition provisions. The following provisions apply to the Maine Community College System on the effective date of this Act. The Maine Community College System, including all of its component entities, is the successor in every way to the powers, duties and function of the Maine Technical College System, including all of its component entities. These powers, duties and functions include, but are not limited to, the following:

1. The members of the Board of Trustees of the Maine Technical College System shall serve as members of the Board of Trustees of the Maine Community College System until their appointed terms expire.

2. All accrued expenditures, assets, liabilities, balances, allocations, transfers, revenues and all other available funds of the Maine Technical College System are authorized for use by the Maine Community College System.

3. All existing rules, regulations and procedures in effect, in operation or adopted in or by the Maine Technical College System or officers continue in effect until rescinded, revised or amended by the pertinent authority within the Maine Community College System.

4. All existing contracts, agreements, bonds, insurances, leases and compacts currently in effect in the Maine Technical College System continue in effect until rescinded, revised or amended by the pertinent authority within the Maine Community College System.

5. The Maine Community College System shall serve as the successor employer to, and shall assume the obligations of, the Maine Technical College System.

6. All buildings, automobiles, real property, equipment and other property previously belonging to or allocated for the use of the Maine Technical College System become the property of the Maine Community College System.