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2.—(1) All assets and liabilities to which the Board is entitled or subject immediately before the appointed day shall on that day be transferred to, and by virtue of this paragraph vest in, the Department.
(2) Sub-paragraph (1) has effect in relation to assets or liabilities to which it applies in spite of any provision (of whatever nature) which would prevent or restrict the transfer of the assets or liabilities otherwise than by that sub-paragraph.
(3) But sub-paragraph (1) does not apply to rights or liabilities under a contract of employment (which are dealt with by paragraph 3).
(4) A certificate by the Department that anything specified in the certificate has vested in the Department by virtue of this paragraph is conclusive evidence for all purposes of that fact.
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