Irish Horseracing Industry Act, 1994

Transfer of property and liabilities of Racing Board to Authority.

70.—(1) The following shall be transferred to the Authority on the establishment day—

(a) all property (including assets and racecourses) and rights held or enjoyed immediately before the establishment day by the Racing Board, and

(b) all liabilities incurred before the establishment day by the Racing Board that had not been discharged before the establishment day,

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

(i) the said property, real and personal, shall on the establishment day vest in the Authority for all the estate, term or interest for which, immediately before the establishment day, it was vested in the Racing Board but subject to all trusts and equities affecting the property and capable of being performed,

(ii) the said rights, shall, as on and from the establishment day, be enjoyed by the Authority, and

(iii) the said liabilities shall, as on and from the establishment day, be the liabilities of the Authority.

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

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