|
|
Transfer of certain property and liabilities of Corporation to Authority.
|
3.—(1) The following shall be and hereby are transferred to the Authority:
|
|
| |
(a) all property and rights held or enjoyed immediately before the commencement of this Act by the Corporation, and
|
|
| |
(b) all liabilities incurred before such commencement by the Corporation that had not been discharged before such commencement,
|
|
| |
and, accordingly, without any further conveyance, transfer or assignment—
|
|
| |
(i) the said property, real and personal, shall on such commencement vest in the Authority for all the estate, term or interest for which, immediately before such commencement, it was vested in the Corporation but subject to all trusts and equities affecting the property and capable of being performed,
|
|
| |
(ii) the said rights, shall, as on and from such commencement, be enjoyed by the Authority,
|
|
| |
(iii) the said liabilities shall, as on and from such commencement, be the liabilities of the Authority.
|
|
| |
(2) All moneys, stocks, shares and securities transferred to the Authority by this section that, immediately before the commencement of this Act, are standing in the name of the Corporation shall, upon the request of the Authority, be transferred into its name.
|
|
| |
(3) Every right and liability transferred by this section to the Authority may, on or after the commencement of this Act, be sued on, recovered or enforced by or against the Authority in its own name and it shall not be necessary for the Authority to give notice to the person whose right or liability is transferred by this section of the transfer.
|
