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 a successor company recommended by the Minister, free of any trust, express or implied, but subject to 85 the functions assigned to the P.U.C. and the Minister by this Act and to any agreement between the Minister and the successor (a) the whole of the undertaking of the Authority together with all lands, buildings, water pipes, lines, and waterworks and all other materials, appliances, equipment and apparatus used for, by or in connection with the said undertaking and being owned by the Authority; (b) all interests, rights, easements, assets, and liabilities, which immediately before the vesting day were enjoyed or borne by the Authority, or on its behalf, by its agent, in connection with or in relation to the said undertaking or operation thereof; and (c) the right to recover monies due and payable to the Authority or its agent in respect of value given or anything done by the Authority or its agent in connection with the operation of the said undertaking. (2) Subject to sub-section (1), as from the vesting day, the benefits and burdens of any contract made in respect of the aforesaid undertaking for the provision of water and sewerage supply to which the Authority 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 successor company. (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 86 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 Authority 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 effect in accordance with sub-section (2), or any agreement applied to the Authority by or under this Act shall be continued by or against the successor company.