(1) Subject to sections 55 and 56, all rights and liabilities of the IAA arising by virtue of any contract or commitment (expressed or implied) entered into by the IAA before the vesting day in relation to a function of the IAA corresponding to a function of the IANS shall on that day stand transferred to the IANS.

(2) The Minister may on his or her own initiative and shall on the application of the IANS issue a certificate in respect of a specified contract or commitment stating, as he or she thinks proper, that the rights and liabilities of the IAA thereunder were transferred on the vesting day to the IANS 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 IANS may, on and after the vesting day, be sued on, recovered or enforced by or against the IANS in its own name and it shall not be necessary for the IANS, the IAA or the Minister to give notice to the person whose right or liability is transferred by this section of such transfer.