(1) The following shall be and 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 Minister in respect of the driver testing service or any other function transferred to the Authority, and

(b) all liabilities incurred before that day by the Minister in respect of the driver testing service or any other function transferred to the Authority 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 as the case may be for which, immediately before that day, it was so vested in the Minister in respect of the driver testing service or any other function transferred to the Authority, 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