44. From and after 1 July following the date of the order in council ordering an annexation or a union or on a date fixed by the Government, the assets and liabilities of each school board ceasing to exist shall become the assets and liabilities:(a) of the annexing school board or boards, in the case of the annexation of one or more school municipalities to one or more others;
(b) of the new school board or boards, in the case of a union of school municipalities.