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Transfer of property.
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17.—(1) On the vesting day all property other than land, including choses-in-action, which immediately before that day was the property of the Board and was used in connection with a function conferred on a company by virtue of this Act shall stand vested in that company without any assignment, unless, in respect of specified property, the Board otherwise decides.
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(2) The Board may on its own initiative and shall on the application of a company issue a certificate in respect of specified property, certifying, as it thinks proper, that the property vested in a particular company under this section or did not so vest in any of the companies and the certificate shall be conclusive evidence of the facts so certified.
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(3) Every chose-in-action transferred by subsection (1) to a company may, after the vesting day, be sued on and recovered or enforced by the company in its own name and it shall not be necessary for the company or the Board to give notice to the person bound by the chose-in-action of the transfer effected by that subsection.
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