35. — (1) The Company shall, on the establishment day, become dissolved by virtue of this section.

(2) All property, whether real or personal (including choses-in-action), which immediately before the establishment day was vested in or belonged to or was held in trust or subject to conditions for the Company and all rights, powers and privileges relating to or connected with any such property, shall on the establishment day, without any conveyance or assignment but subject where necessary to transfer in the books of any bank, corporation or company, become and be vested in or the property of or held in trust or subject to conditions for (as the case may require) the Board.

(3) All property transferred by this section which immediately before the establishment day was standing in the books of any bank or was registered in the books of any bank, corporation or company in the name of the Company shall, upon the request of the Board made at any time on or after the establishment day, be transferred in those books by the Bank, corporation or company into the name of the Board.

(4) Every chose-in-action transferred by this section may, on or after the establishment day, be sued upon, recovered, or enforced by the Board in its own name and it shall not be necessary for the Board to give notice to the person bound by any such chose-in-action of the transfer effected by this section.

(5) Every debt and other liability (including a claim against the Company for compensation under section 33 of this Act and 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 Company shall, on the establishment day, become and be the debt or liability of the Board and shall be paid or discharged by and may be recovered from and enforced against the Board accordingly.

(6) Every contract which was entered into and is in force immediately before the establishment day between the Company and any person shall continue in force on and after the establishment day, but it shall be construed and have effect as if the Board were substituted therein for the Company and shall be enforceable by or against the Board accordingly.

(7) Where, immediately before the establishment day, any legal proceedings are pending to which the Company is a party, the name of the Board shall be substituted for that of the Company and the proceedings shall not abate by reason of such substitution.

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