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Transfer of rights and liabilities.
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41.—(1) All rights and liabilities of the Minister arising by virtue of any contract or commitment (expressed or implied) entered into by him or by the Commissioners of Public Works in Ireland on his behalf before the vesting day in relation to functions assigned to the company under this Act shall on that day stand transferred to the company.
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(2) The Minister may on his own initiative and shall on the application of the company issue a certificate in respect of a specified contract or commitment certifying, as he thinks proper, that the rights and liabilities of the Minister thereunder were transferred on the vesting day to the company under this section or were not so transferred and the certificate shall be conclusive evidence of the facts so certified.
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(3) Every right and liability transferred by subsection (1) to the company may, on and 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 or the Minister to give notice to the person whose right or liability is transferred by this section of such transfer.
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(4) The company shall comply with such obligations (excluding repayment of principal or interest payments) as may be specified by the Minister for Finance in relation to his contractual obligations under foreign loan contracts, entered into before the vesting day, relating to functions assigned to the company under this Act.
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