53. (1) On the vesting day all property other than land, including choses-in-action, which, immediately before that day, was the property of the IAA and was used in connection with a function of the IAA corresponding to a function of the IANS shall stand vested in the IANS without any assignment.

(2) The Minister may on his or her own initiative and shall on the application of the IANS issue a certificate in respect of specified property stating, as he or she thinks proper, that the property vested in the IANS under this section or did not so vest and the certificate shall be conclusive evidence of the facts so stated.

(3) Every chose-in-action transferred by subsection (1) to the IANS may, after the vesting day, be sued on, recovered or enforced by the IANS in its own name and it shall not be necessary for the IANS, the IAA or the Minister to give notice to the person bound by the chose-in-action of the transfer effected by that subsection.