PART V.

Dissolution of Irish Sea Fisheries Association, Limited.

25. —Comhlachas Iascaigh Mhara na hÉireann, Teoranta (The Irish Sea Fisheries Association, Limited), hereinafter referred to as the dissolved body is hereby dissolved.

26. —(1) Subject to the provisions of this section all property whether real or personal (including choses-in-action) which immediately before the commencement of this Part was vested in, or belonged to or was held in trust for the dissolved body and all rights, powers and privileges relating to or connected with any such property shall, on such commencement and without any conveyance or assignment but subject where necessary to transfer in the books of any bank, corporation or company or authority, become and be vested in or the property of or held in trust for (as the case may require) the Board for all the estate, trust or interest for which the same immediately before such commencement was vested in or belonged to or was held in trust for the dissolved body.

(2) All property transferred by this section which, immediately before the commencement of this Part was standing in the books of any bank or was registered in the books of any bank, corporation, company or authority shall, upon the request of the Board made on or after such commencement be transferred in such books by such bank, corporation, company or authority into the name of the Board.

(3) On and after the commencement of this Part every chose-in-action transferred by this section to the Board may be sued upon, recovered or enforced by the Board in their own name and it shall not be necessary for the Board to give notice to the person bound by such chose-in-action of the transfer effected by this section.

27. —Every debt and other liability (including unliquidated liabilities arising from torts or breaches of contract) which immediately before the commencement of this Part was owing and unpaid or has been incurred and is undischarged by the dissolved body shall, on such commencement, become and be the debt or liability of the Board and shall be paid or discharged by and may be recovered from or enforced against the Board accordingly.

28. —Every bond, guarantee, mortgage or other security of a continuing nature made or given by the dissolved body to any person, or by any person to such dissolved body, and in force immediately before the commencement of this Part, and every contract or agreement in writing made between the dissolved body and another person and not fully executed and completed before such commencement shall notwithstanding the dissolution of the dissolved body, continue in force on and after such commencement but shall be construed and have effect as if the name of the Board were substituted therein for the name of the dissolved body, and such security, contract, or agreement shall be enforceable by or against the Board accordingly.

29. —In every action, suit or proceedings which is pending at the commencement of this Part in any court or tribunal and to which the dissolved body is a party, the Board shall on such commencement become and be a party in the place of the dissolved body and such proceedings shall be continued between the Board and the other parties thereto accordingly and no such proceedings shall abate or be discontinued or prejudicially affected by reason of the dissolution of the dissolved body.

30. —Section 12 of the Finance Act, 1895, shall not apply to the vesting in the Board of the property of the dissolved body.

31. —(1) On or as soon as may be after the commencement of this Part the Board shall pay to each person who was, on the day before such commencement the registered holder of any share or shares of the dissolved body (in this section referred to as a shareholder) and who applies to the Board for payment, the sum paid by him to the dissolved body for each share held by him.

(2) Where the shareholder is indebted to the Board as successor to the dissolved body, the Board shall set-off the sum paid by him for shares against the debt and only the balance, if any, shall be repayable under subsection (1).

(3) The sum paid to a shareholder in accordance with this section shall be accepted by him in lieu of and in satisfaction of all rights and claims in respect of the shares of the dissolved body held by him.