9.—(1) With effect from the establishment day the following are transferred to the Council—

(a) all rights and property (and rights relating to such property) held or enjoyed immediately before that day by the former Council,

(b) all liabilities incurred before that day by the former Council 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 Council for all the estate, term or interest for which, immediately before that day, it was vested in the former Council, 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 Council, and

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

(2) Upon the request of the Council, all moneys, stocks, shares and securities transferred to the Council by this section that, immediately before the establishment day, are standing in the name of the former Council shall be transferred into the name of the Council.

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

(4) The Council may dispose of any part of any land or any interest in it transferred to or vested in the Council by virtue of this section.

(5) Every contract or agreement made between the former Council and any other person, which is in force immediately before the establishment day, shall continue in force on and after that day and shall be construed and have effect as if the Council were substituted in it for the former Council and shall be enforceable against the Council.

(6) Where immediately before the establishment day, any legal proceedings are pending in any court or tribunal and the former Council is a party to the proceedings, the name of the Council shall be substituted for that of the former Council and the proceedings shall not abate by reason of such substitution.