This section transfers the former Authority’s assets, rights, liabilities, and obligations to the Authority, and requires registration steps where a transfer must be registered.
2. (I) On or after the commencement of this Act, there shall be transferred to, vest in and subsist against the Authority by virtue of this Act and without further assurance, all assets, rights and obligations which immediately before that date were the assets, rights, liabilities and obligations of the former Authority. (2) Subject to sub-paragraph (I), every deed,bond and agreement, other than an agreement for personnel service, to which the former Authority was a party immediately before the commencement of this Act whether or not of such a nature that rights, liabilities and obligations could be assigned, shall, unless its subject matter or terms make it impossible that it should have effect as modified, as provided under this paragraph, have effect as if- (a) the Authority had been party to it; (b) for any reference to the former Authority there was substituted, with respect to anything required to be done on or after the colnmencement of this Act, a reference to the Au\hority;.or. Medicines and Allied Substances [No. 3 of 2013 91 (c) for any reference to any officer of the fonner Authority, not being a party to it and beneficially interested, there were substituted, with respect to anything required to be done on or after the commencement of this Act, a reference to such officer- of the Authority as it shall designate. (3) Where under this Act, any assets, rights, liabilities and obligations of the fonner Authority are deemed to be transferred to the Authority in respect of which transfer a written law provides for registration, the Authority shall make an application, in writing, to the appropriate registration authority for registration of the transfer. (4) The registration authority, referred to in subparagraph (2), shall make such entries in the appropriate register as shall give effect to the transfer and, where applicable, issue to the transferee concerned a certificate of title in respect of the property or make necessary amendments to the register and shall endorse the deeds relating to the title, right or obligation concerned and no registration fees or other duties shall be payable.in respect of the transaction.