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

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