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Dissolution of the Company.
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32.—(1) The Company shall, on the establishment day, be dissolved by virtue of this section.
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(2) All property, whether real or personal (including choses-in-action), which immediately before the establishment day was vested in or belonged to or was held in trust or subject to conditions for the Company, and all rights, powers and privileges relating to or connected with any such property, shall on the establishment day, without any conveyance or assignment but subject where necessary to transfer in the books of any bank, corporation or company, become the property of and be vested in or be held in trust or subject to conditions for (as the case may require) the Board.
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(3) All property transferred by this section which immediately before the establishment day was standing in the books of any bank or was registered in the books of any bank, corporation or company in the name of the Company shall, upon the request of the Board, made at any time on or after the establishment day, be transferred in those books by the bank, corporation or company into the name of the Board.
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(4) Every chose-in-action transferred by this section may, on or after the establishment day, be sued upon, recovered or enforced by the Board in its own name and it shall not be necessary for the Board to give notice to the person bound by any such chose-in-action of the transfer effected by this section.
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(5) Every debt or other liability (including unliquidated liabilities arising from torts or breaches of contract) which immediately before the establishment day is owing and is unpaid and is undischarged by the Company shall, on the establishment day, become and be the debt or liability of the Board and shall be paid and discharged by and may be recovered from and enforced against the Board accordingly.
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(6) Every contract which was entered into and is in force immediately before the establishment day between the Company and any person shall continue in force on or after the establishment day but it shall be construed and have effect as if the Board were substituted therein for the Company and shall be enforceable by or against the Board accordingly.
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(7) Where immediately before the establishment day, any legal proceedings are pending to which the Company is a party, the name of the Board shall be substituted for that of the Company in the proceedings and the proceedings shall not abate by reason of such substitution.
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(8) Any officer or servant in the service or employment of the Company immediately before the establishment day shall on the establishment day be transferred from the service or employment of the Company and become an officer or servant, as the case may be, of the Board with the same rights and subject to the same obligations and duties in respect of such service or employment as he would have had or been subject to as an officer or servant of the Company.
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