(1) On the dissolution day, all lands that, immediately before that day, were vested in the Commission and all rights, powers and privileges relating to or connected with such lands shall, without any conveyance or assignment, stand vested in the IAA for all the estate or interest therein that, immediately before the dissolution day, were vested in the Commission, but subject to all trusts and equities affecting the lands continuing to subsist and being capable of being performed.

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

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