62.— (1) On the establishment day, all land that, immediately before that day, was vested in a specified body and all rights, powers and privileges relating to or connected with that land are, without any conveyance or assignment, transferred to and vested in the Executive.

(2) On the establishment day, all property other than land (including choses-in-action) that, immediately before that day, was the property of a specified body is transferred to and vested in the Executive without any assignment.

(3) All rights and liabilities of a specified body arising by virtue of any contract or commitment (express or implied) entered into by that body before the establishment day are on that day transferred to the Executive.

(4) Each right and liability transferred under subsection (3) may on or after its transfer be sued on, recovered or enforced by or against the Executive in its own name and it shall not be necessary for the Executive to give notice of the transfer to the person whose right or liability is transferred.