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Transfer of assets and liabilities of Company.
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6.—(1) With effect from the establishment day the following are hereby transferred to the College—
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(a) all rights and property (and rights relating to such property) held or enjoyed immediately before that day by the Company.
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(b) all liabilities incurred before that day by the Company which had not been discharged before that day,
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and, accordingly, without any further conveyance, transfer or assignment—
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(i) the said property, real and personal, shall, on that day, vest in the College 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,
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(ii) those rights shall, as and from that day, be enjoyed by the College, and
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(iii) those liabilities shall, as and from that day, be liabilities of the College.
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(2) All moneys, stocks, shares and securities transferred to the College by this section that, immediately before the establishment day, are standing in the name of the Company shall, upon the request of the College, be transferred into its name.
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(3) Every right and liability transferred to the College by this section may, on or after the establishment day, be sued on, recovered or enforced by or against the College in its own name and it shall not be necessary for the College to give notice of the transfer to the person whose right or liability is transferred by this section.
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(4) The College shall not, without the consent of the Minister, dispose of any part of any land or any interest therein transferred to or vested in the College by virtue of this section.
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(5) In this section “the Company” includes any trustee or agent of the Company acting on behalf of the Company.
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