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Transfer of assets and liabilities of Board to Institute.
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22.—(1) The following shall be and hereby are transferred to the Institute on the establishment day:
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(a) all property and rights held or enjoyed immediately before that day by the Board, and
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(b) all liabilities incurred before that day by the Board that had not been discharged before that day,
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and, accordingly, without any further conveyance, transfer or assignment—
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(i) the said property, real and personal, shall, on that day, vest in the Institute for all the estate, term or interest for which, immediately before that day, it was vested in the Board, but subject to all trusts and equities affecting the property and capable of being performed,
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(ii) the said rights shall, as on and from that day, be enjoyed by the Institute, and
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(iii) the said liabilities shall, as on and from that day, be liabilities of the Institute.
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(2) All moneys, stocks, shares and securities transferred to the Institute by this section that, on the establishment day, are standing in the name of the Board shall, upon the request of the Institute, be transferred into its name.
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(3) Every right and liability transferred by subsection (1) of this section to the Institute may, on or after the establishment day, be sued on, recovered or enforced by or against the Institute in its own name and it shall not be necessary for the Institute to give notice to the person whose right or liability is transferred by that subsection of the transfer.
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