45.— (1) The following are transferred to the Authority on the establishment day—

(a) all property and rights relating to such property held or enjoyed immediately before that day by the staff, administration or business transferred to the Authority under section 44 or section 52, as the case may be, or any trustee or agent acting on their behalf, and

(b) all liabilities incurred before that day by the staff, administration or business so transferred, or any trustee or agent acting on their behalf, that had not been discharged before that day,

and, accordingly, without any further conveyance, transfer or assignment—

(i) that property, real and personal, shall, on that day, vest in the Authority for all the estate, term or interest for which, immediately before that day, it was so vested in the staff, the administration or business so transferred, as the case may be, but subject to all trusts and equities affecting the property subsisting and capable of being performed,

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

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

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