Cap. 463 Art. 38Transfer of undertakings.

(1) With effect from the effective date and subject to the provisions of article 41, all the undertakings to which this article applies shall, by virtue of this Act and without further assurance, be transferred to, and shall vest in the Corporation under the same title by which they were held by the Malta Development Corporation or by the Malta External Trade Company Limited or by the Institute for the Promotion of Small Enterprise Ltd, immediately before such date.

(2) (a) The Minister may by order from time to time direct that any undertaking held by any organisation or entity referred to in the order shall by virtue of the order, subject to the provisions of article 41 vest in the Corporation in the same manner as they were held immediately before the effective date of the order by such organisation or entity.

(b) The provisions of paragraph (a) shall apply with regard to an organisation or entity which is wholly owned, directly or indirectly, by the Government or a corporation established by law.

(c) The provisions of articles 39 and 40 shall mutatis apply to any undertaking in respect of which mutandis an order is made by the Minister in virtue of paragraph (a).

(3) For the purposes of this Part of the Act, "undertakings" shall include all stocks and other property movable or immovable, assets, powers, rights, privileges held or enjoyed in connection therewith or appertaining thereto, as well as all liabilities and obligations affecting or relating to any of the aforesaid undertakings or other thing included therein as aforesaid.