92.— (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 transferred to and vested in the Authority without conveyance or assignment.

(2) On the establishment day, all property other than land that, immediately before that day, was the property of a specified body is transferred to and vested in the Authority 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, and in effect immediately before that day, are on the establishment day transferred to the Authority.

(4) Each right and liability transferred under this section and section 91 may, on or after its transfer, be sued on, recovered or enforced by or against the Authority in the Authority’s own name.

(5) The Authority need not give notice of the transfer to the person whose right or liability is transferred.