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Transfer of property and liabilities.
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13.—(1) With effect from the establishment day, the following are transferred to the Dormant Accounts Board:
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(a) all property (real and personal) and rights relating to such property held or enjoyed immediately before that day by the former Board;
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(b) all liabilities incurred before that day by the former Board that had not been discharged before that day.
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(2) Accordingly, without any further conveyance, transfer or assignment—
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(a) such property shall, on the establishment day, vest in the Dormant Accounts Board for all the estate, term or interest for which, immediately before that day, it was vested in the former Board, but subject to all trusts and equities affecting the property and capable of being performed,
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(b) those rights shall, on and from that day, be enjoyed by the Dormant Accounts Board, and
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(c) those liabilities shall, on and from that day, be liabilities of the Dormant Accounts Board.
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(3) All moneys, stocks, shares and securities transferred to the Dormant Accounts Board by this section shall, at its request, be transferred into its name.
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(4) Every right and liability transferred to the Dormant Accounts Board by this section may, on and after the establishment day, be sued on, recovered or enforced by or against that Board in its own name and it is not 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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