Section 29: Vesting of all the assets and liabilities of the dissolved Yaba College of Technology

(1) By virtue of this Act, all property (movable and immovable) held by or on behalf of the Yaba College of Technology (hereafter in this section referred to as "the College") shall, as from the commencement of this Act, vest in the Federal Polytechnic, Yaba (hereafter in this section referred to as "the polytechnic").
(2) Upon the commencement of this Act-
(a) the rights, interests, obligations and liabilities of the College existing immediately before the commencement of this Act under any contract or instrument, or at law or in equity, apart from any contract or instrument, shall, by virtue of this Act, be assigned to and vested in the polytechnic;
(b) any such contract or instrument as is mentioned in sub-paragraph (a) of this subsection, shall be of the same force and effect against or in favour of the polytechnic and shall be enforced fully and effectively as if, instead of the College, the polytechnic had been named therein or had been a party thereto; and
(c) the polytechnic shall be subject to all the obligations and liabilities to which the College was subject immediately before the commencement of this Act and all other persons shall, as from the commencement of this Act, have the same rights, power and remedies against the polytechnic as they had against the College immediately before the said commencement.
(3) If immediately before the commencement of this Act a person was a member or an employee of the College, that person shall by virtue of this Act become a member or an employee of the polytechnic.
(4) Any proceeding or cause of action pending or existing before the commencement of this Act by or against the College may be commenced, continued or enforced by or against the polytechnic as it might have been against the College if this Act had not been made.