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Transfer of property.
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9.—(1) Subject to the provisions of this section all property whether real or personal (including choses-in-action) which immediately before the commencement day is vested in, or belongs to or is held in trust for, the Authority, in relation to their duties, powers and functions under the Act of 1956, and all rights, powers and privileges relating to or connected with any such property shall, on the commencement day and without any conveyance or assignment but subject where necessary to transfer in the books of any bank, corporation or company or authority, become and be vested in or the property of or held in trust for (as the case may require) the Board for all the estate, trust or interest for which the same immediately before the commencement day was vested in or belonged to or was held in trust for the Authority.
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(2) All property transferred by this section which, immediately before the commencement day is standing in the books of any bank or is registered in the books of any bank, corporation, company or authority shall, upon the request of the Board made on or after the commencement day be transferred in such books by such bank, corporation, company or authority into the name of the Board.
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