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Transfer of property and liabilities to Board.
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5.—(1) With effect from the transfer day the following shall stand transferred to the Board—
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(a) all property and rights held or enjoyed immediately before that day by An Bord Glas, and
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(b) all liabilities incurred before that day by An Bord Glas 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 the transfer day, vest in the Board, for all the estate, term or interest for which, immediately before that day, it was vested in An Bord Glas, but subject to all trusts and equities affecting the property and capable of being performed,
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(ii) such rights shall, as on and from the transfer day, be enjoyed by the Board, and
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(iii) such liabilities shall, as on and from the transfer day, be the liabilities of the Board.
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(2) All moneys, stocks, shares and securities transferred to the Board by this section which, on the transfer day, are standing in the name of An Bord Glas shall, upon the request of the Board, be transferred into its name.
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(3) Every right and liability transferred by this section to the Board may, on or after the transfer day, be sued on, recovered or enforced by or against the Board in its own name and it shall not be necessary for the Board to give notice of the transfer to the person whose right or liability is transferred by this section.
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