32.— (1) On the dissolution day, all land which, immediately before that day, was vested in the Commission and all rights, powers and privileges relating to or connected with that land shall, without any conveyance, transfer or assignment, stand vested in the Authority for all the estate or interest for which it was vested in the Commission but subject to all trusts and equities affecting that land subsisting and capable of being performed.

(2) On the dissolution day, all property other than land (including chose-in-action), which, immediately before that day, was the property of the Commission shall, without any transfer or assignment, stand transferred to the Authority.

(3) Every chose-in-action transferred by subsection (2) may, on and after the dissolution day, be sued upon, recovered or enforced by the Authority in its own name and it shall not be necessary for the Authority to give notice to the person bound by any such chose-in-action of the transfer effected by this section.

(4) All moneys, stocks, shares and securities transferred to the Authority by subsection (2) which, immediately before the dissolution day, are in the name of the Commission shall, upon the request of the Authority, be transferred into its name.