51.— (1) On the establishment day all land which, immediately before that day, was vested in the Central Board or a regional board and all easements, rights, powers and privileges relating to or connected with such land are, without any conveyance or assignment, transferred to and vested in IFI.

(2) On the establishment day, all equipment and property other than land including choses-in-action and non-tangible assets (such as fishing rights, leases, licences and rights of way) which immediately before that day was the property of the Central Board or a regional board is transferred to and vested in IFI without any assignment.

(3) All rights and liabilities of the Central Board or a regional board 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 IFI.

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