Fisheries Act, 1980
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Dissolution of Trust and transfer of its property, etc. |
35.—(1) The Trust shall, on the appointed day, become dissolved by virtue of this section. | |
(2) All property, whether real or personal (including choses-in-action), which immediately before the appointed day was vested in or belonged to or was held in trust or subject to conditions for the Trust and all rights, powers and privileges relating to or connected with any such property, shall on the appointed day, without any conveyance or assignment but subject where necessary to transfer in the books of any bank, corporation or company, become and be vested in or the property of or held in trust or subject to conditions for (as the case may require) the Central Board. | ||
(3) All property transferred by this section which immediately before the appointed day was standing in the books of any bank or was registered in the books of any bank, corporation or company in the name of the Trust shall, upon the request of the Central Board made at any time on or after the appointed day, be transferred in those books by the bank, corporation or company into the name of the Central Board. | ||
(4) Every chose-in-action transferred by this section may, on or after the appointed day, be sued upon, recovered, or enforced by the Central Board in its own name and it shall not be necessary for the Central Board to give notice to the person bound by any such chose-in-action of the transfer effected by this section. | ||
(5) Every debt and other liability (including any unliquidated liability arising from torts or breaches of contract) which immediately before the appointed day is owing and unpaid or has been incurred and is undischarged by the Trust shall, on the appointed day, become and be the debt or liability of the Central Board and shall be paid or discharged by and may be recovered from and enforced against the Central Board accordingly. | ||
(6) Every contract which was entered into and is in force immediately before the appointed day between the Trust and any person shall continue in force on and after the appointed day, but it shall be construed and have effect as if the Central Board were substituted therein for the Trust and shall be enforceable by or against the Central Board accordingly. | ||
(7) Where, immediately before the appointed day, any legal proceedings are pending to which the Trust is a party, the name of the Central Board shall be substituted for that of the Trust and the proceedings shall not abate by reason of such substitution. | ||
(8) The dissolution of the Trust by this section shall not invalidate or affect any payable order or cheque issued by the Trust and not presented for payment before the appointed day, or any authority given by the Trust for the payment of the amount of any payable order or cheque and the Central Board shall make arrangements for the payment of the amount of every such order or cheque upon due presentation within a reasonable time after such day. | ||
(9) Notwithstanding subsection (1) of this section each of the following, namely, the Inland Fisheries Trust Staff Superannuation Scheme, dated the 4th day of July, 1966, the Widows' and Children's Contributory Pensions Scheme for Permanent Officers of the Inland Fisheries Trust Incorporated, dated the 18th day of November, 1974, and the Inland Fisheries Trust Incorporated (Regular Wages Staff) Superannuation Scheme, 1975, shall continue in force, and, subject to section 31 of this Act, may be revoked or amended by the Central Board as if it had been made under section 33 of this Act. |