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

(2) On the dissolution 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 Agency without any assignment.

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