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

(2) Subject to subsection (4), on the establishment day all property other than land, including choses-in-action, that immediately before that day was vested in the Authority shall stand vested in the Commission without any assignment.

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

(4) Any levy income paid to the Authority under a levy order made under section 33 of the Principal Act (as that section had effect immediately before the coming into operation of section 8) surplus to the expenses incurred by the Authority in the discharge of its functions shall, if transferred to the Commission, be used by the Commission to discharge its expenses in performing its functions in relation only to broadcasting services, as defined by section 2 of the Principal Act before the coming into operation of section 3.