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Transfer of shares to Agency.
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2.— (1) All shares of whatever class in each of the companies specified in the Schedule that, immediately before the passing of this Act, vested in the shareholder, shall upon such passing stand vested in the Agency.
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(2) The Agency shall, as soon as practicable after the passing of this Act, notify each of the companies specified in the Schedule of the vesting in the Agency of shares in the company concerned by virtue of subsection (1) and particulars of such vesting shall be entered by that company in any register required to be maintained by the company in respect of the shares.
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(3) This section shall apply to each of the companies specified in the Schedule notwithstanding any restriction in its memorandum of association or articles of association or any other instrument relating to the vesting or transfer of shares in the company concerned.
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(4) All rights and liabilities of the shareholder arising by virtue of any contract in force immediately before the passing of this Act and relating to any shares transferred by virtue of this section shall upon such passing stand transferred to the Agency.
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(5) Every right and liability transferred by this section to the Agency may be sued on, recovered or enforced by or against the Agency in its own name and it shall not be necessary for the Agency to give notice to any person of the transfer of any right or liability by this section.
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