Canals Act, 1986
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Transfer to Commissioners of canal undertaking. |
2.—(1) On the vesting day— | |
(a) the whole of the canal undertaking including all property (including choses-in-action), assets, powers, rights, licences, privileges and liabilities held, enjoyed or incurred by the Board in connection therewith or appertaining thereto shall by virtue of this section but subject where necessary to transfer in the books of any bank, corporation or company be transferred to the Commissioners, and | ||
(b) all the land of the canal undertaking (other than the land described in the First Schedule ) shall by virtue of this section vest in the Commissioners for all the estate, right, title and interest of the Board. | ||
(2) Subject to the provisions of this Act, the Commissioners may, on and after the vesting day, enjoy, exercise and enforce all the rights, powers and privileges aforesaid and shall be subject to all the liabilities aforesaid, and, accordingly, every debt and other liability in relation to the canal undertaking which, immediately before the vesting day, is owing and unpaid or has been incurred and is undischarged by the Board shall, on the vesting day, become and be the debt or liability of the Commissioners and shall be paid or discharged by and may be recovered from and enforced against the Commissioners accordingly. | ||
(3) (a) Every contract made by the Board in relation to the canal undertaking which is in force immediately before the vesting day shall continue in force on and after the vesting day as if it had been made by the Commissioners and shall be construed and have effect and be enforceable by or against the Commissioners accordingly. | ||
(b) Every licence given by the Board in relation to the canal undertaking which is in force immediately before the vesting day shall continue in force on and after the vesting day as if it had been given by the Commissioners and shall be construed and have effect and be enforceable by or against the Commissioners accordingly. | ||
(c) Every other document granted or made by the Board in relation to the canal undertaking which is in force immediately before the vesting day shall continue in force on and after the vesting day as if it had been granted or made by the Commissioners and shall be construed and have effect and be enforceable by or against the Commissioners accordingly. | ||
(4) Every chose-in-action transferred by this section may, on or after the vesting day, be sued upon, recovered or enforced by the Commissioners in their own name and it shall not be necessary for the Commissioners to give notice to the person bound by any such chose-in-action of the transfer effected by this section. | ||
(5) Where, immediately before the vesting day, any legal proceedings in relation to the canal undertaking are pending to which the Board is a party, the name of the Commissioners shall be substituted in the proceedings for that of the Board and the proceedings shall not abate by reason of such substitution. | ||
(6) References to the Board contained, immediately before the vesting day, in any statute or statutory instrument (within the meaning of the Statutory Instruments Act, 1947 ) or in the memorandum or articles of association of any company shall, insofar as they relate to | ||
anything transferred by this section, be construed on and after the vesting day as references to the Commissioners. | ||
(7) Section 12 of the Finance Act, 1895 , shall not apply to the vesting of any property or rights under this section. | ||
(8) Nothing in this section shall cause the Commissioners to be regarded as a canal undertaker or a canal company for the purposes of this or any other enactment. |