(1) On the vesting day all property other than land, including choses-in-action, which immediately before that day was the property of the Minister and was used in connection with a function of the Minister corresponding to a function of the company shall stand vested in the company without any assignment.

(2) The Minister may on his own initiative and shall on the application of the company issue a certificate in respect of specified prop erty stating, as he thinks proper, that the property vested in the company under this section or did not so vest and the certificate shall be conclusive evidence of the facts so stated.

(3) Every chose-in-action transferred by subsection (1) to the company may, after the vesting day, be sued on, recovered or enforced by the company in its own name and it shall not be necessary for the company or the Minister to give notice to the person bound by the chose-in-action of the transfer effected by that subsection.