(1) On the dissolution day all property (other than land), including choses-in-action, that immediately before that day, was vested in the Labour Relations Commission shall stand vested in the Commission without any assignment.

(2) Every chose-in-action vested in the Commission by virtue of subsection (1) may, on and from the dissolution day, be sued on, recovered or enforced by the Commission in its own name, and it shall not be necessary for the Commission, or the Labour Relations Commission, to give notice to any person bound by the chose-in-action of the vesting effected by that subsection.

(3) On the dissolution day all records that, immediately before that day, were records of the Labour Relations Commission shall be records of the Commission and shall, accordingly, be transferred to the Commission.