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Transfer of rights and liabilities.
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35.— (1) All rights and liabilities of the Company arising by virtue of any contract or commitment (express or implied) entered into by it before the establishment day shall, on that day, stand transferred to the Authority.
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(2) Every right and liability transferred by subsection (1) to the Authority may, on and after the establishment day, be sued on, recovered or enforced by or against the Authority in its own name and it shall not be necessary for the Authority to give to a person whose right or liability is transferred by this section notice of such transfer.
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