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Transfer of rights and liabilities.
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51.— (1) All rights and liabilities of the Agency arising by virtue of any contract or commitment (expressed or implied) entered into by the Agency before the commencement of this Part shall, on such commencement, stand transferred to the Executive.
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(2) Every right and liability transferred by subsection (1) may, on and after the transfer, be sued on, recovered or enforced by or against the Executive in its name and it shall not be necessary for the Executive to give notice to the person whose right or liability is transferred by that subsection of such transfer.
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