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the name of the Company shall, upon the request of the Commission
made at any time on or after the establishment day, be transferred in
those books by the bank, corporation or company into the name of the
Commission.
(4) Every chose-in-action transferred by this section may, on
or after the establishment day, be sued upon, recovered, or enforced
by the Commission in its own name and it shall not be necessary for
the Commission to give notice to the person bound by any such
chose-in-action of the transfer effected by this section.
(5) Every debt or other liability (including unliquidated
liabilities arising from torts or breaches of a contract) which
immediately before the establishment day is owing and unpaid or has
been incurred and is undischarged by the Company shall, on the
establishment day, become and be the debt or liability of the
Commission and shall be paid or discharged by and may be recovered
from and shall be enforceable against the Commission accordingly.
(6) Every contract which was entered into and is in force
immediately before the establishment day between the Company and any
person shall continue in force on and after the establishment day,
but it shall be construed and have effect as if the Commission were
substituted therein for the Company and shall be enforceable by or
against the Commission accordingly.
(7) Where, immediately before the establishment day, any legal
proceedings are pending to which the Company is a party, the name of
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