Vesting of property, etc., in the successor company

(1) On such day as the Minister may by Order appoint for the purposes of this Act (in this Act referred to as the “vesting day”), there shall vest in the successor company, free of any trust, express or implied, but subject to the functions assigned to the Commission by this Act– (a) the whole of the undertaking of the B.E.B. together with all lands, buildings, electric lines, electrical plants, electrical installations and all other materials, appliances, equipment and apparatus used for, by or in connection with the said undertaking and being owned by the B.E.B.; (b) all interests, rights, easements, assets, liabilities, which immediately before the vesting day were enjoyed or borne by the B.E.B., or on its behalf, by its agent, in connection with or in relation to the said undertaking or operation thereof; (c) the right to recover monies due and payable to the B.E.B. or its agent in respect of value given or anything done by the B.E.B. or its agent in connection with the operation of the said undertaking. (2) As from the vesting day, the benefits and burdens of any contract made in respect of the aforesaid undertaking for the provision of electricity supply to which the B.E.B. or its agent is a party, and which was in force immediately before the vesting day, shall be deemed to have been transferred to the (3) Without prejudice to the generality of the foregoing provisions of this section, where by the operation of any of the said provisions, any right or liability vests in a successor company, the said company and all other persons shall have the same rights, powers and remedies (and in particular, the same rights as to the taking or resisting of legal proceedings or the making or resisting of applications to any authority) for ascertaining, perfecting or enforcing those rights or liabilities as they would have had if it had at all times been a right or liability of the successor company, and any applications to any authority pending on the vesting day by or against the B.E.B. or its agent, in so far as they relate to any property, right, liability or obligation vested in the successor company by this Act or to any contract which has effect in accordance with sub-section (2), or any agreement applied to the B.E.B. by or under this Act, shall be continued by or against the company. 52