Section 35: Transfer of assets and liabilities

(1) As from the 1st day of October 1955, the following assets and liabilities of the Government railway undertaking shall, subject to the provisions of section 36 of this Act, be transferred to and vest in the Corporation by virtue of this section and without further assurance-
(a) all the assets, other than interest in land, and all the liabilities of the said undertaking;
(b) the interests of the State in the following land together with all improvements and hereditaments corporeal and incorporeal attached or pertaining thereto-
(i) all the land described in plans signed by the general manager, or a person authorised by him in that behalf, and by the President, or a person authorised by the President in that behalf, and deposited for the purposes of this Part, in the Land Registry at Lagos;
(ii) save where any greater or lesser area is specified in any of the said plans, all land which lies within seventy five feet on each side of the center line of any main or branch line of railway pertaining to the said undertaking, immediately before the vesting day.
(2) The President may, at any time and from time to time, within a period of twelve months after the vesting day, by order, declare that any assets of the Government railway undertaking, being interest in land (together with improvements and hereditaments, corporeal and incorporeal attached or pertaining thereto), other than the land specified in subsection (1) of this section, shall be transferred to and vest in the Corporation, and the assets to which any such order relates, shall be transferred to and vest in the Corporation by virtue of such order and without further assurance, with effect from such date as may be specified in the order.