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Transfer of land and other property
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78. (1) All lands that, immediately before the commencement of this Part, were vested in the Tribunal and all rights, powers and privileges relating to or connected with such lands shall, without any conveyance or assignment, on the commencement of this Part stand vested in the Board for all the estate or interest therein that, immediately before the commencement of this Part, were vested in the Tribunal, but subject to all trusts and equities affecting the lands continuing to subsist and being capable of being performed.
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(2) All property other than land including choses-in-action that immediately before the commencement of this Part, was vested in the Tribunal shall, on the commencement of this Part, stand vested in the Board without any assignment.
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(3) Every chose-in-action vested in the Board by virtue of subsection (2) may, on and from the commencement of this Part, be sued on, recovered or enforced by the Board in its own name, and it shall not be necessary for the Board, or the Tribunal, to give notice to any person bound by the chose-in-action of the vesting effected by that subsection.
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(4) Any money, stocks, shares and securities transferred to the Board under subsection (2) which, immediately before the commencement of this Part, are in the name of the Tribunal shall, on the request of the Board, be transferred into its name.
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