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Transfer of assets and liabilities of Board to Company.
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52.—(1) The following shall be transferred to the Company on the vesting day:
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(a) all property (including choses-in-action) and rights held or enjoyed immediately before that day by the Board, and
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(b) all the liabilities of the Board,
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and, accordingly, without any further conveyance, transfer or assignment—
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(i) the said property, shall, on the vesting day, vest in the Company 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 the vesting day, be enjoyed by the Company, and
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(iii) the said liabilities shall, as on and from the vesting day, be the liabilities of the Company.
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(2) All moneys, stocks, shares and securities transferred to the Company by this section which, on the vesting day, are standing in the name of the Board shall, upon the request of the Company, be transferred into its name.
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(3) Every right and liability transferred by subsection (1) to the Company may, on or after the vesting day, be sued on, recovered or enforced by or against the Company in its own name and it shall not be necessary for the Company to give notice to a person whose right or liability is transferred by that subsection of the transfer.
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