41. —(1) On the establishment day the following are transferred to the Agency—

(a) all rights and property (and rights to such property) held or enjoyed immediately before that day by—

(i) the former company, or

(ii) the Commissioners of Public Works in Ireland, in respect of the digital hub, other than rights and property held in respect of Media Lab Europe Limited,

(b) all liabilities incurred before that day by the former company which 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 Agency for all the estate, term or interest for which, immediately before that day, it was vested in the former company or the Commissioners of Public Works in Ireland, but subject to all trusts and equities affecting the property and capable of being performed,

(ii) those rights shall, as and from that day, be enjoyed by the Agency, and

(iii) those liabilities shall, as and from that day, be liabilities of the Agency.

(2) All moneys, stocks, shares and securities transferred to the Agency by this section that, immediately before the establishment day, are standing in the name of the former company shall, upon the request of the Agency, be transferred into its name.

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

(4) In this section “former company” includes any trustee or agent of the former company acting on behalf of the former company.