Transfer of Timber Industry Board property, rights, liabilities and interests
19. As from 1st January 1983 —
(a)
all the estates and interests in the lands which immediately before that date were vested in the Timber Industry Board shall vest in the Board without further assurance subject to any subsisting encumbrances; and the Board shall have the power to execute any instrument under the Land Titles Act [Cap. 157], disposing of or creating an interest in any of the lands so vested in the Board;
(b)
all movable property, including moneys, and all rights and interests of every description which immediately before that date were vested in the Timber Industry Board shall vest in the Board without further assurance, conveyance or other instrument; and
(c)
all outstanding liabilities incurred before that date by the Timber Industry Board shall be transferred to the Board and shall thereafter be discharged by the Board.