National Development Corporation Act, 1986
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Dissolution of Agency and transfer of its property, etc. |
32.—(1) The Agency shall, on the vesting day, be dissolved by virtue of this section. | |
(2) All property, whether real or personal (including choses-in-action), which immediately before the vesting day was vested in or belonged to or was held in trust or subject to conditions for the Agency and all rights, powers and privileges relating to or connected with any such property, shall on the vesting day, without any conveyance or assignment but subject where necessary to transfer in the books of any bank, corporation or company, become and be vested in or the property of or held in trust or subject to conditions for (as the case may require) the Corporation. | ||
(3) All property transferred by this section which immediately before the vesting 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 Agency shall, upon the request of the Corporation made at any time on or after the vesting day, be transferred in those books by the bank, corporation or company into the name of the Corporation. | ||
(4) Every chose-in-action transferred by this section may, on or after the vesting day, be sued upon, recovered, or enforced by the Corporation in its own name and it shall not be necessary for the Corporation to give notice to the person bound by any such chose-in-action of the transfer effected by this section. | ||
(5) Every debt and other liability (including unliquidated damages) arising from torts or breaches of contract which immediately before the vesting day is owing and unpaid or has been incurred and is undischarged by the Agency shall, on the vesting day, become and be the debt or liability of the Corporation and shall be paid or discharged by and may be recovered from and enforced against the Corporation accordingly. | ||
(6) Every contract which was entered into and is in force immediately before the vesting day between the Agency and any person shall continue in force on and after the vesting day, but it shall be construed and have effect as if the Corporation were substituted therein for the Agency and shall be enforceable by or against the Corporation accordingly. | ||
(7) Where, immediately before the vesting day, any legal proceedings are pending to which the Agency is a party, the name of the Corporation shall be substituted for that of the Agency and the proceedings shall not abate by reason of such substitution. | ||
(8) Section 12 of the Finance Act, 1895 , shall not apply to the vesting in the Corporation of the property or rights transferred by this section. |