Foir Teoranta Act, 1972.
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Dissolution of Taiscí Stáit Teoranta and transfer of its property, etc. |
19.—(1) Taiscí Stáit Teoranta shall, on the appointed day, become dissolved by virtue of this section. | |
(2) All property, whether real or personal (including choses-in-action), which immediately before the appointed day was vested in or belonged to or was held in trust or subject to conditions for Taiscí Stáit Teoranta, and all rights, powers and privileges relating to or connected with any such property, shall on the appointed day, 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 or subject to conditions for (as the case may require) the Company. | ||
(3) All property transferred by this section which immediately before the appointed day was standing in the books of any bank or was registered in the books of any bank, corporation or company in the name of Taiscí Stáit Teoranta shall, upon the request of the Company made at any time on or after the appointed day, be transferred in those books by the bank, corporation or company into the name of the Company. | ||
(4) Every chose-in-action transferred by this section may, on or after the appointed day, be sued upon, recovered, or enforced by the Company in its own name and it shall not be necessary for the Company to give notice to the person bound by any such chose-in-action of the transfer effected by this section. | ||
(5) Every debt and other liability (including unliquidated liabilities arising from torts or breaches of contract) which immediately before the appointed day is owing and unpaid or has been incurred and is undischarged by Taiscí Stáit Teoranta shall, on the appointed day, become and be the debt or liability of the Company and shall be paid or discharged by and may be recovered from and enforced against the Company accordingly. | ||
(6) Every contract which was entered into and is in force immediately before the appointed day between Taiscí Stáit Teoranta and any person shall continue in force on and after the appointed day, but it shall be construed and have effect as if the Company were substituted therein for Taiscí Stáit Teoranta and shall be enforceable by or against the Company accordingly. | ||
(7) Where, immediately before the appointed day, any legal proceedings are pending to which Taiscí Stáit Teoranta is a party, the name of the Company shall be substituted for that of Taiscí Stáit Teoranta and the proceedings shall not abate by reason of such substitution. | ||
(8) Section 12 of the Finance Act, 1895 , shall not apply to the vesting in the Company of the property or rights transferred by this section. | ||
(9) In this section “the appointed day” means such day as the Minister appoints by order to be the appointed day for the purposes of this section. |