(1) A transfer order has effect subject to any term or condition imposed in the order.
(2) On the date specified in a transfer order, all the assets and liabilities specified in the order (whether located in the State or not) are transferred to the transferee.
(3) On and after the transfer of an asset or liability under a transfer order -
(a) the transferee has the same rights (including priorities) and obligations in respect of those assets and liabilities as the transferor had immediately before the transfer, and
(b) the transferor no longer has those rights and obligations.
(4) In particular, unless the transfer order specifies otherwise, and without limiting the generality of subsection (3) -
(a) any account included in the transfer is transferred to the transferee on the date of the transfer and becomes, on and after that date, an account between the transferee and the account holder with the same rights and subject to the same rights and obligations (including rights of set-