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Transfer of property and liabilities of Authority to HRI.
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22.—(1) The following shall be transferred to HRI on the establishment day—
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(a) all property (including assets and racecourses) and rights held or enjoyed immediately before the establishment day by the Authority, and
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(b) all liabilities incurred before the establishment day by the Authority that had not been discharged before the establishment 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 the establishment day vest in HRI for all the estate, term or interest for which, immediately before the establishment day, it was vested in the Authority but subject to all trusts and equities affecting the property and capable of being performed,
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(ii) the said rights shall, as on and from the establishment day, be enjoyed by HRI, and
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(iii) the said liabilities shall, as on and from the establishment day, be the liabilities of HRI.
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(2) All moneys, stocks, shares and securities transferred to HRI by this section that, immediately before the establishment day, are standing in the name of the Authority shall, upon the request of HRI, be transferred into its name.
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(3) Every right and liability transferred by this section to HRI may, on or after the establishment day, be sued on, recovered or enforced by or against HRI in its own name and it shall not be necessary for HRI to give notice to the person whose right or liability is transferred by this section of the transfer.
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