48. (1) On the appointed day, all lands that, immediately before that day, were vested in the dissolved body and all rights, powers and privileges relating to or connected with such lands shall, without any conveyance or assignment, stand vested in the technological university for all the estate or interest therein that, immediately before the appointed day, was vested in the dissolved body, but subject to all trusts and equities affecting the lands continuing to subsist and being capable of being performed.

(2) On the appointed day, all property (other than land), including choses-in-action, that immediately before that day, was vested in the dissolved body shall stand vested in the technological university without any assignment.

(3) Every chose-in-action vested in the technological university by virtue of subsection (2) may, on and after the appointed day, be sued on, recovered or enforced by the technological university in its name, and it shall not be necessary for the technological university or the dissolved body to give notice to any person bound by the chose-in-action of the vesting effected by that subsection.