138.— (1) On the establishment day all property that, immediately before that day, was the property of An Bord Uchtála is transferred to and vested in the Authority without any conveyance or assignment.

(2) All rights and liabilities of An Bord Uchtála arising by virtue of any contract, agreement or arrangement—

(a) entered into by or on behalf of An Bord Uchtála before the establishment day, and

(b) in effect immediately before that day,

are on the establishment day transferred to the Authority.

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

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