Section 5: Vesting of assets.

(1) Subject to the provisions of this Act, all property, rights, liabilities and obligations which immediately before the vesting date were property, rights, liabilities and obligations of a body to whom this Act applies, shall on that day vest or be deemed to have been vested by virtue of this Act and without further assurance in the Authority.
(2) Subject to the provisions of this section
(a) the property, rights, liabilities and obligations mentioned in subsection (1) of this section of any such body, the dam on the river Niger in the vicinity of the village of Kainji, together with its ancillary works;
(b) all generating stations, lands and ancillary works, and any property, assets, powers, rights and privileges held by the body or enjoyed in connection therewith or appertaining thereto;
(c) all property, rights, liabilities and obligations under agreements to which any body to whom this Act applies was a party immediately before the vesting date, whether in writing or not and whether or not of such a nature as rights and obligations thereunder could be assigned by the body; and
(d) all investments and cash of such body and all rights and liabilities thereof, shall vest in the Authority.
(3) Subject to the provisions of this Act, every agreement to which subsection (2) (c) of this section relates shall, unless its terms or subject-matter make it impossible that it should have effect as modified in the manner provided by this subsection, have effect as from the vesting date, as if
(a) the Authority had been a party to the agreement;
(b) for any reference (however worded and whether express or implied), to the body there were substituted, as respects anything falling to be done on or after the vesting date, a reference to the Authority;
(c) for any reference (however worded, and whether express or implied) to, or to any part of, or to any sum determined by reference to, any profits or receipts of the undertaking of the body or any part of that undertaking there were substituted, as respects profits or receipts arising on or after the vesting date, a reference to, or to the corresponding part of, or to a sum similarly determined by reference to, an estimate of what those profits or receipts would have been but for the vesting of the undertaking or part thereof in the Authority;
(d) for any reference (however worded and whether express or implied), to any member of the body there were substituted, as respects anything falling to be done on or after the vesting date, a reference to such person, as the Authority may direct or authorise;
(e) for any reference (however worded and whether express or implied), to any officer of the body there were substituted, as respects anything falling to be done on or after the vesting date, a reference to such person, as the Authority may appoint or, in default of appointment, to the officer of the Authority who corresponds as nearly as may be, to the first mentioned officer;
(f) in the case of an agreement for the rendering of personal services to the body, the services to which the agreement relates were, on and after the vesting date, any services under the Authority to be selected by that Authority, which are reasonably equivalent services; and
(g) save as provided by the four last foregoing paragraphs, for any reference (however worded and whether express or implied) to the undertaking of the body or any part of that undertaking or to the area of supply of the body or any part of that area there were substituted, as respects anything falling to be done on or after the vesting date, a reference to so much of the business carried on by the Authority as corresponds to the undertaking or part of the undertaking of the body or, as the case may be, a reference to the area constituting the said area of supply or part thereof immediately before the vesting date.
(4) Other documents, not being enactments which refer, whether specifically or generally, to any such body, shall be construed in accordance with the provisions of the last foregoing subsection, so far as applicable.
(5) Without prejudice to the generality of the foregoing provisions of this section, where, by the operation of any of the said provisions, any right, liability or obligation vests in the Authority, the Authority and all other persons shall, as from the vesting date, have the same rights, powers and remedies (and in particular, the same rights as to the taking or resisting of legal proceedings or the making or resisting of applications to any authority) for ascertaining, perfecting or enforcing that right, liability or obligation of the Authority and any legal proceedings or applications to any authority, pending on the vesting date by or against the body, in so far as they relate to any property, right, liability or obligation vested in the Authority by virtue of this Act, or to any agreement or document which has effect in accordance with subsection (3) or (4) of this section or any other enactment, shall be continued by or against the Authority, to the exclusion of the body.
(6) Notwithstanding anything in this section
(a) where any agreement provides for the borrowing of money by any such body or the raising of money by the issue of securities of any such body and the money has not been borrowed or raised before the vesting date, no right, liability or obligation under the agreement shall be transferred to the Authority; and
(b) no right, liability or obligation under any agreement for the rendering by any person, of services to any such body, as a member of the body (other than a member who is charged with the management of the body whose functions are substantially those of any employee) shall be transferred to the Authority, except any liability in respect of fees earned or expenses incurred before the vesting date.
(7) If the law in force at the place where any assets vesting in the Authority under this Act is situated, provides for the registration of the title of the assets of the kind in question, the law shall, so far as it provides for alterations of a register, apply with necessary modifications to the vesting of the assets in the Authority, and it shall be the duty of the Board to furnish such particulars as may be necessary to the proper officer of the authority which is charged with the duty of registering the assets, and of that officer to register the title of the Authority accordingly, without payment of any fee.
(8) Subject to the provisions of this Act, a body to whom this Act applies shall be dissolved or be deemed to have been dissolved on the vesting date.