Dairy Produce (Miscellaneous Provision) Act, 1973
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Transfer of property of Board to Society. |
3.—(1) On and from the transfer day the property of the Board shall, without any conveyance or assignment, but subject where necessary to transfer in the books of any bank, corporation or company, vest in the Society for all the estate, term or interest for which immediately before the transfer day it was held by the Board together with all rights and liabilities enjoyed or incurred in connection therewith by the Board. | |
(2) All property transferred by subsection (1) of this section which immediately before the transfer day was standing or registered in the books of any bank, corporation or company or was entered in any register kept in pursuance of any enactment shall, on request made by or on behalf of the Society, be transferred into the name of the Society. | ||
(3) All debts and liabilities duly incurred by the Board and which, immediately before the transfer day, were owing and unpaid or were so incurred and were undischarged by the Board shall, on the transfer day, become and be the debts and liabilities of the Society and shall be paid or discharged by and may be recovered from and enforced against the Society accordingly. | ||
(4) Any bond, guarantee or other security of a continuing character made or given by the Board to another person or by any person to the Board and in force immediately before the transfer day and every contract (express or implied) made between the Board and another person, not being an officer or servant of the Board, and not fully executed and completed before the transfer day shall continue in force on and after the transfer day, but shall be construed and have effect as if the Society were substituted therein for the Board and every such bond, guarantee, security or contract shall be enforceable accordingly by or against the Society. | ||
(5) In every action, suit, prosecution or other legal proceeding which was pending immediately before the transfer day and to which the Board is a party, the Society shall be substituted as a party in place of the Board and the proceedings shall continue accordingly. | ||
(6) Section 12 of the Finance Act, 1895 , shall not apply to the vesting in the Society of the property or rights transferred by this section. |