74. (1) On the establishment day, all property that was immediately before that day, the property of a dissolved body is to be transferred to and vested in the Agency without any conveyance or assignment.

(2) All rights and liabilities of a dissolved body arising by virtue of any contract, agreement or arrangement—

(a) entered into by or on behalf of a dissolved body before the establishment day, and

(b) in effect immediately before the establishment day,

are on the establishment day transferred to the Agency.

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

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