Cap. 466 Art. 3Transfer of assets and liabilities.

(1) With effect from the date of the coming into force of this article all assets whether in Malta or abroad including all assets of the Corporation and of the Company leased under the dockyard lease, all real or other rights under any contract, all monies due by any person to the Corporation or the Company and all shares in or stocks of any other bodies in or stocks of any other bodies held by them shall without any further assurance other than this Act vest in the Government, and all liabilities of the Corporation and of the Company including all liabilities and obligations under the Early Retirement Scheme shall vest and be due by the Government.

(2) All actions pending before any court or tribunal instituted by or against the Corporation or the Company shall be continued by or against such public officer in the name of the Government as the Minister may by notice in the Gazette, from time to time, establish.

(3) With effect from the date next following the date referred to in subarticle (1), the Company shall be dissolved, liquidated and wound up without the need of any further formality other than this Act.

(2) The transferee companies shall take on all the rights and obligations which the Corporation or the Company had prior to the transfer towards the employees transferred to them, and each of such employees shall, for all intents and purpose of any law, be deemed to have been in the employment of the respective transferee company, since the date on which he took up the employment with the Corporation or the Company, as the case may be.

(3) The transfer of the employees aforestated to each of the transferee companies shall be made in accordance with the selection made by the Corporation and the Company.