Fóir Teoranta (Dissolution) Act, 1990

Transfer of certain property and liabilities of Company to Corporation.

3.—(1) The following shall be and hereby are transferred to the Corporation:

(a) all property and rights held or enjoyed immediately before the commencement of this Act by the Company, and

(b) all liabilities (other than liabilities in relation to the repayment to the Minister of £75,000,000 in respect of advances made to the Company under section 13 of the Fóir Teoranta Act, 1972 ) incurred before such commencement by the Company 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 Corporation for all the estate, term or interest for which, immediately before such commencement, it was vested in the Company 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 Corporation,

(iii) the said liabilities shall, as on and from such commencement, be the liabilities of the Corporation.

(2) All moneys, stocks, shares and securities transferred to the Corporation by this section that, immediately before the commencement of this Act, are standing in the name of the Company shall, upon the request of the Corporation, be transferred into its name.

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

(4) The amount of any interest, dividends or other payments received by the Corporation in respect of assets transferred to it by this section (including payments in respect of the realisation of such assets) shall be paid to the Minister and shall be paid by him into or for the benefit of the Exchequer.

(5) The Minister may, out of moneys provided by the Oireachtas, pay to the Corporation after each financial year of the Corporation a fee of such amount (if any) as the Minister considers appropriate in respect of any management, realisation or discharge by the Corporation in that year of assets and liabilities transferred to it by this Act.