Section 4

Every property, right, interest, obligation and liability transferred to and vested in the Board by virtue of subsection (1)

shall be so transferred to and vested in the Board for the like title, estate or interest and on the like tenure as the property, right, interest, obligation and liability were vested or held immediately before the vesting date.

Every chose in action, right, interest, obligation or liability vested in the Board by virtue of subsection (1) may, on and after the vesting date, be sued on, recovered or enforced by the Board in its own name and it shall not be necessary for the Board or the Government to give notice—

Any pending legal proceedings by or against the Government which relates to any property, right, interest, obligation or liability transferred to and vested in the Board by virtue of subsection (1)

may, on and after the vesting date, be continued by or against the Board.

In the case of rights, interests, obligations and liabilities arising under any loan which are vested in the Board on the vesting date, the Board may enter into such agreements or arrangements over such rights, interests, obligations and liabilities with the

Government or any other person.

Where by virtue of subsection (1), any property is transferred to and vested in the Board, the provisions of Part Thirty of the

National Land Code 1965 [Act 56 of 1965] shall, for the purpose of effecting the registration of such vesting, apply to the Board.

On and after the vesting date, any agreement, deed or other arrangement relating to any property, right, interest, obligation and liability transferred to and vested in the Board under subsection (1) to which the Government was a party immediately before the vesting date, whether in writing or not, and whether or not of such a nature that property, right, interest, obligation and liability under the agreement, deed or other arrangement, as the case may be, could be assigned by the Government, shall have effect as if the Board had been a party to such agreement, deed or other arrangement.

In this section, “vesting date” means the date appointed by the Minister under subsection (1).

Common seal