40.— (1) All land which, immediately before the commencement of this Part, was vested in the Board and all rights, powers and privileges relating to or connected with that land are, on such commencement, without any conveyance or assignment, transferred to and vested in the Minister.

(2) All property other than land, including choses-in-action, which immediately before the commencement of this Part was the property of the Board shall, on such commencement, stand transferred to the Minister without any assignment.

(3) Every chose-in-action transferred by subsection (2) may, on and after the commencement of this Part, be sued upon, recovered or enforced by the Minister in his or her name and it shall not be necessary for the Minister to give notice to any person bound by the chose-in-action of the transfer effected by that subsection.

(4) Any moneys, stocks, shares and securities transferred to the Minister by subsection (2) which, immediately before the commencement of this Part, are in the name of the Board shall, upon the request of the Minister, be transferred into his or her name.