Section 33: Dissolution of the Nigerian Agricultural Insurance Company Ltd, etc.

(1) Notwithstanding the provisions of the Companies and Allied Matters Act, the Nigerian Agricultural Insurance Company Limited (in this Act referred to as "the Company") is hereby dissolved and, accordingly, its Board of Directors is also consequentially dissolved.
(2) As from the commencement of this Act
(a) every person employed by the Company other than under a contract, shall be transferred to and be deemed to be employed by the Corporation;
(b) any item insured by the Company shall be deemed to be insured under the corresponding provision of this Act;
(c) all assets, funds, resources and other movable and immovable property vested in the Company shall, by virtue of this Act and without further assurance, be vested in the Corporation;
(d) the rights, interests, obligations and liabilities of the Company existing immediately before the commencement of this Act under any contract or instrument or at law or in equity shall, by virtue of this Act and without further assurance, be assigned to and vested in the Corporation;
(e) any contract or instrument as is mentioned in paragraph (d) of this subsection, shall be of the same force and effect against or in favour of the Corporation, and shall be enforceable as fully and effectively as if, instead of the Company, the said Corporation had been named therein or had been a party thereto.
(3) A proceeding or cause of action pending or existing or which could have been taken by or against the Company, immediately before the commencement of this Act in respect of any right, interest, obligation or liability of the Company, may be continued, enforced or taken by or against the Corporation as if the Corporation and not the Company had been a party thereto.