40.— (1) All rights and liabilities of the dissolved body subsisting immediately before the establishment day and arising by virtue of any contract or commitment (expressed or implied) shall on that day stand transferred to An tSeirbhís.

(2) Every right and liability transferred by subsection (1) to An tSeirbhís may, on and after the establishment day, be sued on, recovered or enforced by or against An tSeirbhís in its own name, and it shall not be necessary for An tSeirbhís, or the dissolved body, to give notice to the person whose right or liability is transferred by that subsection of such transfer.

(3) Every lease, licence, wayleave or permission granted by the dissolved body in relation to land or other property vested in An tSeirbhís by or under this Act, and in force immediately before the establishment day, shall continue in force as if granted by An tSeirbhís.