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Transfer of assets and liabilities of former Authority.
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59.—(1) The following shall be and hereby are transferred to the Authority on the establishment day—
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(a) all property and rights relating to such property held or enjoyed immediately before that day by the former Authority or any trustee or agent thereof acting on its behalf, and
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(b) all liabilities incurred before that day by the former Authority or any trustee or agent thereof acting on its behalf that had not been discharged before that day,
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and, accordingly, without any further conveyance, transfer or assignment—
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(i) the said property, real and personal, shall, on that day, vest in the Authority for all the estate, term or interest for which, immediately before that day, it was so vested in the former Authority, as the case may be, but subject to all trusts and equities affecting the property subsisting and capable of being performed,
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(ii) the said rights shall, as on and from that day, be enjoyed by the Authority, and
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(iii) the said liabilities shall, as on and from that day, be liabilities of the Authority.
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(2) All moneys, stocks, shares and securities transferred to the Authority by this section that, on the establishment day, are standing in the name of the former Authority or any said trustee or agent thereof shall, upon the request of the Authority, be transferred into its name.
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(3) Every right and liability transferred to the Authority by this section may, on or after the establishment day, 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.
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