I upgraded straight from 7.32 to 7.49 and my server passwords were moved into the SASL password field. I think this bug should be fixed in 7.50 - especially since 7.48 was apparently a short-lived version I think it's much better to assume the password in an existing servers.ini is a server password. At least in my case the method was set to "None" so in that case it should be even more logical to keep the password as the server password.

Edit: In another thread I just read that there was a "server pass" method before - so why not assume the password was a server password if that method was used (upgrde from 7.48) OR no method was set (upgrade from an older mirc version)