49. (1) All rights and liabilities of the dissolved body by virtue of any contract or commitment (expressed or implied) entered into by it before the appointed day shall on that day stand transferred to the technological university.

(2) Every right and liability transferred by subsection (1) to the technological university may, on and after the appointed day, be sued on, recovered or enforced by or against it in its name, and it shall not be necessary for the technological university or the dissolved body to give notice to any person of the transfer of any such right or liability.

(3) Every lease, licence, wayleave or permission granted by the dissolved body in relation to land or other property vested in the technological university and in force immediately before the appointed day, shall continue in force on and after that day as if granted by the technological university.