16.— (1) All property, rights and liabilities held, enjoyed or incurred before the appointed day by the Minister for Finance in connection with any function transferred by this Act shall be and are hereby transferred to the Minister and, accordingly, without any further conveyance, transfer or assignment—

(a) the said property, real and personal, shall, from the appointed day, vest in the Minister,

(b) the said rights shall, from the appointed day, be enjoyed by the Minister, and

(c) the said liabilities shall, from the appointed day, be the liabilities of the Minister.

(2) All moneys, stocks, shares and securities transferred to the Minister by this section that, on the appointed day, stand in the name of the Minister for Finance shall, upon the request of the Minister, be transferred into his or her name.

(3) The Minister shall not, without the consent of the Minister for Finance, make a decision in relation to—

(a) the disposal of State land (within the meaning of the State Property Act 1954) or any other property that immediately before such disposal was owned by a Minister of the Government or the Commissioners of Public Works in Ireland, where the value of the land or property exceeds €50 million,

(b) the application or expenditure of the proceeds of any such disposal, where such proceeds exceed €50 million, or

(c) the application or expenditure of the proceeds of the disposal of any other property (either real or personal), where such proceeds exceed €50 million.

(4) (a) Any shares or stock issued to the Minister for Finance by a public service body and registered in his or her name or held in trust on his or her behalf by any person, in accordance with a relevant enactment, shall on the appointed day, stand transferred to the Minister or be held in trust on behalf of the Minister, as may be appropriate, and from that day references in a relevant enactment to the Minister for Finance shall be construed as references to the Minister.

(b) This subsection shall apply notwithstanding any restriction contained in any enactment in relation to the transfer or alienation of shares or stock to which a relevant enactment applies.

(c) In this subsection—

“Act of 2004” means the State Airports Act 2004;

“relevant enactment” means—

(i) section 5 (amended by sections 6 and 14 of theMinerals Company Act 1945) or 15 of the Minerals Exploration and Development Company Act 1941,

(ii) section 16 of the Act of 1945,

(iii) section 7B (inserted by section 16 of the Energy (Miscellaneous Provisions) Act 2006) of the Act of 1976,

(iv) section 19 of the Act of 1983,

(v) section 17 or 22 of the Act of 1988,

(vi) section 19 or 24 of the Act of 1993,

(vii) section 19 of the Act of 1996,

(viii) section 14 or 15 of the Act of 1998,

(ix) section 10 or 11 (amended by section 6(4) of, and the Schedule to, the Act of 2004) of the Air Navigation and Transport (Amendment) Act 1998,

(x) section 2 (amended by section 21 of the Energy (Miscellaneous Provisions) Act 2006) of the Electricity (Supply) (Amendment) Act 2001,

(xi) section 10 of the Act of 2004, or

(xii) Regulation 40 or 45 of the European Communities (Internal Market in Electricity) Regulations 2000 (S.I. No. 445 of 2000).