34.—(1) On the establishment day all such property as is agreed between the Minister and Forbairt, including choses in action, which immediately before that day was the property of the Minister shall stand vested in Forbairt without assignment.
(2) On the establishment day, all such equipment as is agreed between the Minister and the local authorities involved, which immediately before that day was the property of those local authorities, shall, on such conditions as are agreed by the parties, stand vested in Forbairt without any assignment.
(3) On the establishment day all rights and liabilities of the Minister in relation to the property and equipment referred to in subsections (1) and (2) arising by virtue of any contract or commitment (expressed or implied) entered into by or on behalf of the Minister before the establishment day, shall on that day stand transferred to Forbairt.
(4) Section 12 of the Finance Act, 1895, shall not apply to the vesting of any property or rights transferred by this Act.
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