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Vesting of property.
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3.—(1) On the passing of this Act Mountjoy Square, and all property whether real or personal (including choses-in-action) which immediately prior to the date of the passing of this Act is vested in or belongs to or is held in trust for the commissioners, and all rights, powers and privileges relating to or connected with any such property shall, without any conveyance or assignment, but subject, where necessary, to transfer in the books of any bank, corporation, or company, become or be vested in or the property of or held in trust for (as the case may require) the corporation for all the estate, term or interest for which the same, immediately before the passing of this Act, was vested in or belonged to or was held in trust for such commissioners, but subject to all trusts and equities affecting the same and then subsisting, and capable of being performed.
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(2) All property transferred by this section, which immediately before the passing of this Act, is standing in the books of any bank, or is registered in the books of any bank, corporation or company, in the name of the commissioners shall, upon the request of the corporation, made at any time after the passing of this Act, be transferred in such books by such bank, corporation or company, into the name of the corporation.
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(3) On and after the passing of this Act every chose-in-action transferred by this section from the commissioners to the corporation may be sued upon, recovered or enforced by the corporation in their own name, and it shall not be necessary for the corporation to give notice to the person bound by such chose-in-action of the transfer effected by this section.
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(4) The rates collectable by the commissioners under the powers of the Act of 1802 shall cease to be made, assessed or levied as from the first day of February, 1938:
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Provided always that the corporation shall be entitled to collect, levy or otherwise recover in their own name any arrears of the said rates accrued prior to the said first day of February, 1938, and the powers of the commissioners to collect, levy, or otherwise recover the said arrears are hereby vested in the corporation, and the proceeds of any such arrears so collected, levied, or recovered shall form part of the municipal fund.
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