(1) All rights and liabilities of the Labour Relations Commission subsisting immediately before the dissolution day and arising by virtue of any contract or commitment (expressed or implied) shall on that day stand transferred to the Commission.

(2) Every right and liability transferred by subsection (1) to the Commission may, on and after the dissolution day, be sued on, recovered or enforced by or against the Commission in its own name, and it shall not be necessary for the Commission, or the Labour Relations Commission, to give notice to the person whose right or liability is transferred by that subsection of such transfer.