27.—(1) All property (real or personal), other than the buildings and premises at Kildare Street, Dublin, used by the College, and all rights held or enjoyed immediately before the establishment day by the Minister, in connection with the College, shall, on the establishment day, become and be transferred to An Bord and accordingly, without any further conveyance, transfer or assignment—

(a) the said property shall, on the establishment day, vest in An Bord,

(b) the said rights shall, as on and from the establishment day, be enjoyed by An Bord,

(c) the said liabilities shall, as on and from the establishment day, be the liabilities of An Bord.

(2) All moneys, stocks, shares and securities transferred to An Bord by this section which, on the establishment day, are standing in the books of any corporation or company in the name of the Minister shall, upon the request of An Bord, be transferred into its name.

(3) Every debt and other liability (including unliquidated liabilities arising from torts or breaches of contract) which, immediately before the establishment day is owing and unpaid or has been incurred and is undischarged by the Minister or the Commissioners and is so owing or has been incurred in relation to the College shall, on the establishment day, become and be the debt or liability of An Bord and shall be paid or discharged by and may be recovered from and enforced against An Bord accordingly.