Industrial Development Act, 1993

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Transfer of rights and liabilities.

16.—(1) All rights and liabilities of a dissolved body arising by virtue of any contract or commitment (expressed or implied) entered into by that body before the establishment day shall on that day stand transferred to Forfás.

(2) Every right and liability transferred by subsection (1) may, on and after the transfer, be sued on, recovered or enforced by or against Forfás in its own name and it shall not be necessary for Forfás to give notice to the person whose right or liability is transferred by this section of such transfer.