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Transfer of assets and liabilities.
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51.—(1) With effect from the establishment day the following are transferred to the Council—
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(a) all rights and property and rights relating to such property held or enjoyed immediately before that day by the Registration Council or any trustee or agent acting on its behalf, and
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(b) all liabilities incurred before that day by the Registration Council or any trustee or agent acting on its behalf 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 Council for all the estate, term or interest for which, immediately before that day, it was vested in the Registration Council or any trustee or agent acting on its behalf, but subject to all trusts and equities affecting the property and capable of being performed,
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(ii) those rights shall, on and from that day, be enjoyed by the Council, and
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(iii) those liabilities shall, on and from that day, be liabilities of the Council.
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(2) All moneys, stocks, shares and securities transferred to the Council by this section which, immediately before the establishment day, are standing in the name of the Registration Council or any trustee or agent thereof, shall, upon the request of the Council, be transferred into its name.
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(3) Every right and liability transferred to the Council by this section may, on and after the establishment day, be sued on, recovered or enforced by or against the Council in its own name and it shall not be necessary for the Council to give notice of the transfer to the person whose right or liability is transferred by this section.
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(4) The Council 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 Council under this section.
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