(1) Subject to sections 80 and 81, all rights and liabilities of the Minister arising by virtue of any contract or commitment (expressed or implied) entered into by him before the vesting day in relation to a function of the Minister corresponding to a function of the company shall on that day stand transferred to the company.

(2) The Minister may on his own initiative and shall on the application of the company issue a certificate in respect of a specified contract or commitment stating, as he thinks proper, that the rights and liabilities of the Minister thereunder were transferred on the vesting day to the company under this section or were not so transferred and the certificate shall be conclusive evidence of the facts so certified.

(3) Every right and liability transferred by subsection (1) to the company may, on and after the vesting day, be sued on, recovered or enforced by or against the company in its own name and it shall not be necessary for the company or the Minister to give notice to the person whose right or liability is transferred by this section of such transfer.