(1) With effect from the establishment day the following are transferred to the Agency:
(a) all rights and property and rights relating to such property held or enjoyed immediately before that day by the Director; and
(b) all liabilities incurred before that day by the Director which 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 Agency for all the estate, term or interest for which, immediately before that day, it was vested in the Director, but subject to all trusts and equities affecting the property and capable of being performed,
(ii) those rights shall, on and from that day, be enjoyed by the Agency, and
(iii) those liabilities shall, on and from that day, be liabilities of the Agency.
(2) All monies, stocks, shares and securities transferred to the Agency by this section which, immediately before the establishment day, are in the nam