Consumer Protection Act 2007

Transfer of assets and liabilities.

39.— (1) With effect from the establishment day the following are transferred to the Agency:

(a) all rights and property and rights relating to such property held or enjoyed immediately before that day by the Director; and

(b) all liabilities incurred before that day by the Director which had not been discharged before that day;

and, accordingly, without any further conveyance, transfer or assignment—

(i) the said property, real and personal, shall, on that day, vest in the Agency for all the estate, term or interest for which, immediately before that day, it was vested in the Director, but subject to all trusts and equities affecting the property and capable of being performed,

(ii) those rights shall, on and from that day, be enjoyed by the Agency, and

(iii) those liabilities shall, on and from that day, be liabilities of the Agency.

(2) All monies, stocks, shares and securities transferred to the Agency by this section which, immediately before the establishment day, are in the name of the Director, shall, upon the request of the Agency, be transferred into its name.

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

(4) The Agency shall not, without the consent of the Minister, dispose of any part of any land or any interest therein transferred to or vested in the Agency under this section.