Turf Development Act, 1998

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Transfer of property to subsidiaries.

47.—(1) So much of the property (including choses-in-action) that, immediately before the transfer day in relation to a subsidiary, was held or enjoyed by the Company as may be determined by the Company and the subsidiary shall, on such day or days during the period of one year beginning on that transfer day as may be determined by the Company and the subsidiary, stand vested in the subsidiary without any further conveyance, transfer or assignment for all the estate, term or interest for which, immediately before that day, it was vested in the Company but subject to all trusts and equities affecting the property and capable of being performed.

(2) The Company may, on its own initiative, and shall on the application of a subsidiary, issue a certificate in respect of specified property stating, as may be appropriate, that the property—

(a) vested in a particular subsidiary on a particular day under this section, or

(b) did not vest in any of the subsidiaries under this section, and the certificate shall be sufficient evidence unless the contrary is proved of the facts so stated.

(3) Every chose-in-action transferred by subsection (1) to a subsidiary may, after the transfer day in relation to the subsidiary, be sued on and recovered or enforced by the subsidiary in its own name and it shall not be necessary for the subsidiary or the Company to give notice to a person bound by the chose-in-action of the transfer effected by that subsection.