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23 2003

Digital Hub Development Agency Act 2003

PART 3

Dissolution of Digital Media Development Limited and Transitional Provisions

Dissolution of Digital Media Development Limited.

39. —(1) The former company is with effect from the establishment day dissolved.

(2) In this Part, “former company” means Digital Media Development Limited.

References to former company in enactments.

40. —References to the former company contained, immediately before the establishment day, in any enactment other than this Act, shall, in so far as they relate to anything transferred to the Agency by this Act, be construed on and after the establishment day as references to the Agency.

Transfer to Agency of assets and liabilities of former company and Commissioners of Public Works in Ireland.

41. —(1) On the establishment day the following are transferred to the Agency—

(a) all rights and property (and rights to such property) held or enjoyed immediately before that day by—

(i) the former company, or

(ii) the Commissioners of Public Works in Ireland, in respect of the digital hub, other than rights and property held in respect of Media Lab Europe Limited,

(b) all liabilities incurred before that day by the former company which had not been discharged before that day,

and, accordingly, without any further conveyance, transfer or assignment—

(i) the said property, real and personal, shall, on that day, vest in the Agency for all the estate, term or interest for which, immediately before that day, it was vested in the former company or the Commissioners of Public Works in Ireland, but subject to all trusts and equities affecting the property and capable of being performed,

(ii) those rights shall, as and from that day, be enjoyed by the Agency, and

(iii) those liabilities shall, as and from that day, be liabilities of the Agency.

(2) All moneys, stocks, shares and securities transferred to the Agency by this section that, immediately before the establishment day, are standing in the name of the former company shall, upon the request of the Agency, be transferred into its name.

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

(4) In this section “former company” includes any trustee or agent of the former company acting on behalf of the former company.

Preservation of certain contracts and adaptation of references to former company.

42. —Every contract or agreement made between the former company or any trustee or agent thereof acting on its behalf, and any other person, which is in force immediately before the establishment day shall continue in force on and after that day and shall be construed and have effect as if the Agency were substituted therein for the former company or, as the case may be, its trustee or agent acting on its behalf, and shall be enforceable against the Agency.

Pending legal proceedings.

43. —Where, immediately before the establishment day, any legal proceedings are pending in any court or tribunal and the former company or any trustee or agent thereof acting on its behalf, is a party to the proceedings, the name of the Agency shall be substituted for that of the former company or, as the case may be, such trustee or agent thereof, and the proceedings shall not abate by reason of such substitution.

Final accounts of former company.

44. —(1) Final accounts of the former company shall be drawn up by the Agency as soon as may be after the establishment day in such form as may be approved of by the Minister, and in respect of such period or periods as may be specified by the Minister.

(2) Accounts prepared pursuant to this section shall be submitted as soon as may be by the Agency to the Comptroller and Auditor General for audit, and, immediately after the audit, a copy of the income and expenditure account and of the balance sheet and of such other (if any) of the accounts as the Minister may direct and a copy of the Comptroller and Auditor General's report on the accounts shall be presented to the Minister who shall cause copies thereof to be laid before each House of the Oireachtas.