PART III

Transitional Provisions

14. —On the establishment day, all land which, immediately before that day, was vested in the Industrial Development Authority or Eolas and all rights, powers and privileges relating to or connected with such land shall, without any conveyance or assignment, stand vested in Forfás for all the estate or interest for which immediately before the establishment day it was vested in either such dissolved body but subject to all trusts and equities affecting the land subsisting and capable of being performed.

15. —On the establishment day all property other than land, including choses-in-action, which immediately before that day was the property of either dissolved body shall stand vested in Forfás without any assignment.

16. —(1) All rights and liabilities of a dissolved body arising by virtue of any contract or commitment (expressed or implied) entered into by that body before the establishment day shall on that day stand transferred to Forfás.

(2) Every right and liability transferred by subsection (1) may, on and after the transfer, be sued on, recovered or enforced by or against Forfás in its own name and it shall not be necessary for Forfás to give notice to the person whose right or liability is transferred by this section of such transfer.

17. —Section 12 of the Finance Act, 1895 shall not apply to the vesting of any property or rights transferred by this Act.

18. —On the establishment day, the Industrial Development Authority and Eolas shall stand dissolved.

19. —Final accounts of each dissolved body shall be drawn up in such form as may be approved of by the Minister, and such accounts shall be laid before each House of the Oireachtas.

20. —Any legal proceedings pending on the establishment day in any court or tribunal to which a dissolved body is a party shall continue with the substitution of Forfás for such party and shall not abate by reason of such substitution.

21. —Forfás shall accept into its employment on the establishment day, in accordance with the terms of this Act, every person who immediately before that day was a member of the staff of the Industrial Development Authority or Eolas (“the dissolved bodies”) on terms and conditions not less favourable than those applicable to that person immediately before the transfer.