(1) The following shall be transferred to the Commission on the establishment day -

(a) all property and rights held or enjoyed immediately before the establishment day by the Director, and

(b) all liabilities incurred by the Director that are not discharged before the establishment day,

and, accordingly, without any further conveyance, transfer or assignment -

(i) the property so held or enjoyed, both real and personal, vests on the establishment day in the Commission for all the estate, term or interest for which, immediately before the establishment day, was vested in the Director but subject to all trusts and equities affecting the property and capable of being performed,

(ii) the rights so held or enjoyed, are as on and from the establishment day, held and enjoyed by the Commission, and

(iii) the liabilities so incurred are, as on and from the establishment day, the liabilities of the Commission.