(1) All rights and liabilities of the dissolved body arising by virtue of any contract or commitment (expressed or implied) entered into by it before the dissolution day shall on that day stand transferred to the Minister.

(2) Every right and liability transferred by subsection (1) to the Minister may, on and after the dissolution day, be sued on, recovered or enforced by or against 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 the person whose right or liability is transferred by that subsection of such transfer.