(1) All rights and liabilities of the Commission 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 IAA.

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

(3) Every lease, licence, wayleave or permission granted by the Commission in relation to land or other property vested in the IAA by or under this Act, and in force immediately before the dissolution day, shall continue in force as if granted by the IAA.