39.—(1) On the establishment day, all lands that immediately before that day were vested in a dissolved body and all rights, powers and privileges relating to or connected with such lands shall, without any conveyance or assignment, stand vested in the Authority for all the estate or interest therein that immediately before the establishment day were vested in a dissolved body, but subject to all trusts and equities affecting the lands continuing to subsist and be capable of being performed.

(2) On the establishment day all property, other than land, including choses-in-action, that immediately before that day was vested in a dissolved body shall stand vested in the Authority without any assignment.

(3) Every chose-in-action vested in the Authority by virtue of subsection (2) may, as on and from the establishment day, be sued on, recovered or enforced by the Authority in its own name, and it shall not be necessary for the Authority, or the dissolved body concerned, to give notice to any person bound by the chose-in-action of the vesting effected by that subsection.

(4) For the avoidance of doubt, Bord Fáilte Éireann shall be deemed to have, at all times, had the power to establish, either alone or jointly with another person, a company (whether or not a subsidiary of Bord Fáilte Éireann) whose objects permitted it to perform—

(a) functions the same as or similar to those for the time being performable by Bord Fáilte Éireann, or

(b) in relation to a place other than the State, functions corresponding to the first-mentioned functions.

and to hold an interest in, or be a member of, such a company.