Minerals Company Act, 1945

Transfer of property of dissolved company to the continuing company.

7.—(1) Subject to the provisions of this section, all property, whether real or personal (including choses-in-action) which immediately before the transfer date was vested in, or belonged to, or was held in trust for, the dissolved company and all rights, powers and privileges relating to or connected with any such property shall, on the transfer date and 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 for (as the case may require) the continuing company for all the estate, term or interest for which the same immediately before the transfer date was vested in or belonged to or was held in trust for the dissolved company.

(2) All property transferred by this section which, immediately before the transfer date, was standing in the books of any bank or is registered in the books of any bank, corporation, or company shall, upon the request of the continuing company made on or at any time after the transfer date, be transferred in such books by such bank, corporation, or company into the name of the continuing company.

(3) On and after the transfer date, every chose-in-action transferred by this section to the continuing company may be sued upon, recovered, or enforced by the continuing company in its own name and it shall not be necessary for the continuing company to give notice to the person bound by such chose-in-action of the transfer effected by this section.