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Transfer of property of existing governing body.
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35.—(1) Subject to the provisions of this section, all property whether real or personal (including choses-in-aetion) which immediately before the first appointed day is vested in or belongs to or is held in trust for the existing governing body and all rights, powers, and privileges relating to or connected with any such property shall, on the first appointed day and without any conveyance or assignment but subject where necessary to transfer in the books of any bank, corporation, or company, become and be vested in or the property of or held in trust for (as the case may require) the Board for all the estate, term or interest for which the same immediately before the first appointed day was vested in or belonged to or was held in trust for the existing governing body.
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(2) All property transferred by this section which, immediately before the first appointed day, is standing in the books of any bank or is registered in the books of any bank, corporation, or company in the name of the existing governing body shall upon the request of the Board, made on or at any time after the first appointed day, be transferred in such books by such bank, corporation, or company into the name of the Board.
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(3) On and after the first appointed day, every chose-in-action transferred by this section from the existing governing body may be sued upon, recovered, or enforced by the Board in its own name and it shall not be necessary for the Board to give notice to the person bound by such chose-in-action of the transfer effected by this section.
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(4) This section shall not have effect in relation to the trust lands or the existing governing body's lands.
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(5) Where any property transferred to the Board by this section was immediately before the first appointed day held upon trust for the endowment of a bed or a medical prize or medal fund or upon other special trusts, such property shall—
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(a) until the second appointed day, be held by the Board upon the trusts which immediately before the first appointed day affected it;
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(b) on and after the second appointed day, be held by the Board upon such trusts as may be declared by the Board of and concerning the same, and the trusts so to be declared shall be such as, in the opinion of the Board, correspond so far as the circumstances allow, to the trusts which immediately before the first appointed day affected such property.
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(6) If any question arises under sub-section (5) of this section such question shall be referred to the Minister whose decision shall be final.
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