77.— (1) (a) On the vesting day such land which, immediately before that day, was vested in the Minister, the Minister for Finance or the Commissioners as may be designated by the Minister for the purposes of this section with the consent of the Minister for Finance and all rights, powers and privileges relating to or connected with such land shall, without any conveyance or assignment, but subject to subsection (2), stand vested in the company for all the estate or interest for which immediately before the vesting day it was vested in the Minister, the Minister for Finance or the Commissioners, as the case may be, but subject to all trusts and equities affecting the land subsisting and capable of being performed.

(b) On such day after the vesting day, but not more than one year thereafter, as may be specified by the Minister with the consent of the Minister for Finance, such land vested in the Minister, the Minister for Finance or the Commissioners as may be designated by the Minister for the purposes of this section with the consent of the Minister for Finance and all rights, powers and privileges relating to or connected with such land shall, without any conveyance or assignment, but subject to subsection (2), stand vested in the company for all the estate or interest for which immediately before the day so specified it was vested in the Minister, the Minister for Finance or the Commissioners but subject to all trusts and equities affecting the land subsisting and capable of being performed.

(2) Subsection (1) shall not operate to vest in the company any minerals or any rights of mining or taking minerals, or any foreshore, within the meaning of the Foreshore Act, 1933.

(3) Where, immediately before the vesting day, land vested in the Minister, the Minister for Finance or the Commissioners was being used for the purpose of a function of the Minister corresponding to a function of the company, the Minister, the Minister for Finance or the Commissioners, as the case may be, may, upon and subject to such terms and conditions as the Minister, the Minister for Finance or the Commissioners, as the case may be, may determine, lease or let the land to, or license its use by, the company or a subsidiary.