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PART II.
Provisions in Relation to the Society.
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Transfer of certain property to the Society.
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2.—(1) The Minister may, from time to time by order, made with the consent of the Minister for Finance, vest in the Society upon such terms and conditions as may be mentioned in such order—
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(a) any sea-fishing boats or any chattels used in connection with sea-fishing which are for the time being vested in the Minister by statute, deed, contract or otherwise;
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(b) any moneys for the time being due to the Minister in respect of loans made for the purchase of sea-fishing boats or of chattels used in connection with sea-fishing and any securities held by the Minister in respect of such moneys.
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(2) Any property vested in the Society by an order made under this section shall, under and by virtue of such order and without the necessity for any other conveyance or assignment whatsoever but subject in the case of registered sea-fishing boats to registration in the register of shipping, become and be vested in the Society for all the estate, term and interest or respective estates, terms, and interests for which the same were immediately before such order vested in or held by the Minister but subject to such (if any) trusts and equities as shall affect the said property at the time of the making such order and be then legally subsisting and capable of taking effect.
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(3) Every chose-in-action vested in the Society by an order made under this section may be sued upon, recovered, or enforced by the Society in its own name and it shall not be necessary for the Society to give notice to the person bound by such chose-in-action of the vesting effected by such order.
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