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8. (1) On the dissolution day, all lands that, immediately before that day, were vested in the Authority and all rights, powers and privileges relating to or connected with such lands shall, without any conveyance or assignment, stand vested in the Council for all the estate or interest therein that, immediately before the dissolution day, was vested in the Authority, but subject to all trusts and equities affecting the lands continuing to subsist and being capable of being performed.
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(2) On the dissolution day, all property (other than land), including choses-in-action, that, immediately before that day, was vested in the Authority shall stand vested in the Council without any assignment.
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(3) Every chose-in-action vested in the Council by virtue of subsection (2) may, on and from the dissolution day, be sued on, recovered or enforced by the Council in its own name, and it shall not be necessary for the Council, or the Authority, to give notice to any person bound by the chose-in-action of the vesting effected by that subsection.
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