PART V

Dissolution of Former Authority

58. —(1) The former Authority shall, on the establishment day, become and be dissolved.

(2) References in any Act of the Oireachtas passed before the establishment day or in any instrument made before that day under an Act of the Oireachtas to the former Authority shall, on and after that day, be construed as references to the Authority.

59. —(1) The following shall be and hereby are transferred to the Authority on the establishment day—

(a) all property and rights relating to such property held or enjoyed immediately before that day by the former Authority or any trustee or agent thereof acting on its behalf, and

(b) all liabilities incurred before that day by the former Authority or any trustee or agent thereof acting on its behalf that had not been discharged before that day,

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

(i) the said property, real and personal, shall, on that day, vest in the Authority for all the estate, term or interest for which, immediately before that day, it was so vested in the former Authority, as the case may be, but subject to all trusts and equities affecting the property subsisting and capable of being performed,

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

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

(2) All moneys, stocks, shares and securities transferred to the Authority by this section that, on the establishment day, are standing in the name of the former Authority or any said trustee or agent thereof shall, upon the request of the Authority, be transferred into its name.

(3) Every right and liability transferred to the Authority by this section 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.

60. —(1) Every bond, guarantee or other security of a continuing nature made or given by or on behalf of the former Authority to any person or given by any person to and accepted by or on behalf of the former Authority and every contract or agreement made between the former Authority, or any trustee or agent thereof acting on its behalf, and any other person and in force but not fully executed and completed immediately before the establishment day shall continue in force on or after that day and shall be construed and have effect as if the name of the Authority was substituted therein for that of the former Authority or, as appropriate, its said trustee or agent and shall be enforceable by or against the Authority.

(2) References to the former Authority, or any trustee or agent thereof acting on its behalf, contained immediately before the establishment day in the memorandum and articles of association of any company shall, on and after that day, be construed as references to the Authority.

61. —Nothing in this Act shall affect the validity of any act that was done before the establishment day by or on behalf of the former Authority and every such act shall, if and in so far as it was operative immediately before that day, have effect on and after that day as if it had been done by or on behalf of the Authority.

62. —Where, immediately before the establishment day, any legal proceedings are pending in any court or tribunal and the former Authority, or any trustee or agent thereof acting on its behalf, is a party to the proceedings, the name of the Authority shall be substituted therein for that of the former Authority or, as appropriate, the said trustee or agent thereof and the proceedings shall not abate by reason of such substitution.

63. —For the purposes of the Capital Gains Tax Acts (within the meaning of section 1 of the Taxes Consolidation Act, 1997 ), any gain accruing to the former Authority on a disposal made by virtue of section 59 shall not be a chargeable gain.

64. —The Food Safety Authority of Ireland (Establishment) Order, 1997 (S.I. No. 524 of 1997), is hereby, on the establishment day, revoked.