27. —(1) The following shall be and are transferred to the Foundation on the establishment day—

(a) all property and rights held or enjoyed immediately before that day by the committee of Forfás established under section 10 of the Act of 1993 (as amended by section 46 of the Act of 1998) referred to pursuant to such establishment as Science Foundation Ireland, and

(b) all liabilities incurred by the committee of Forfás referred to in paragraph (a) before that day,

and accordingly, without any further conveyance, transfer or assignment—

(i) the said property, real and personal, shall on that day vest in the Foundation for all the estate, term or interest for which immediately before that day, it was so vested in the committee referred to in paragraph (a) but subject to all trusts and equities affecting the property subsisting and capable of being performed,

(ii) the said rights shall, as and from that day, vest in the Foundation, and

(iii) the said liabilities shall, as and from that day, be liabilities of the Foundation.

(2) All moneys, stocks, shares and securities transferred to the Foundation by this section that, on the establishment day, are standing in the name of the committee of Forfás referred to in subsection (1) or of any trustee or agent of such committee shall, on the request of the Foundation, be transferred into the name of the Foundation.

(3) Every right and liability transferred to the Foundation by this section may, on or after the establishment day, be sued on, recovered or enforced by or against the Foundation in its own name and it shall not be necessary for the Foundation to give notice to the person whose right or liability is transferred by this section of the transfer.

(4) Section 12 of the Finance Act 1895 shall not apply to the vesting in the Foundation of any property or right transferred by or under this section.