26.—(1) The following shall be and hereby are transferred to the Board on the establishment day—

(a) all property and rights relating to such property held or enjoyed immediately before that day by the former Board or any trustee or agent thereof acting on its behalf, and

(b) all liabilities incurred before that day by the former Board or any trustee or agent thereof acting on its behalf that had not been discharged 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 Board for all the estate, term or interest for which, immediately before that day, it was so vested in the former Board, as the case may be, but subject to all trusts and equities affecting the property and capable of being performed,

(ii) the said rights shall, as on and from that day, be enjoyed by the Board, and

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

(2) All moneys, stocks, shares and securities transferred to the Board by this section that, on the establishment day, are standing in the name of the former Board or any said trustee or agent thereof shall, upon the request of the Board, be transferred into its name.

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