Cap. 563 Art. 54Transfer of assets to theAuthority.

(1) (a) The property and undertakings owned by the Lands

Department or the Lands Authority and used by any one of them immediately before the date of the coming into force of this Act, for the operation of any of the functions which by this Act are being transferred to or vested in the Authority shall, on the date aforesaid, by virtue of this Act and without further assurance, be transferred to and vested in the Authority under the same title by which they were used or held by the Lands Department or the Lands Authority immediately before the said date.

(b) The assets which immediately before the coming into force of this Act were owned by the Government and used for the exercise of any of the functions which by this Act are being transferred to or vested in the Authority shall by virtue of this Act and without any further assurance be transferred to and vested in the Authority under the same title by which they were held by the Government before the coming into force of this Act.

(2) The transfer and vesting in the Authority as aforesaid shall extend to the whole of such property and undertakings and, without prejudice to the generality aforesaid, shall include the ownership, administration and all other rights of all plant, equipment, apparatus, instruments, vehicles and other property, movable or immovable, assets, powers, rights and privileges and all things necessary or ancillary thereto which are held or enjoyed in connection therewith or appertaining thereto, as well as all obligations affecting or relating to any of the aforesaid property or undertakings or other thing included therein as aforesaid, and keep all such property, and for the purposes of articles 55 and 56 such property shall be deemed to be included in the properties transferred to the Authority by or under this Act.