All property, rights and liabilities to which a dissolved body is entitled or subject immediately before the transfer day shall on that day be transferred to, and by virtue of this Order vest in, the Commission.

This Article does not apply to rights and liabilities under a contract of employment (which are dealt with by Article 4).

A certificate issued by the Department and stating that any property, right or liability specified in the certificate was transferred by virtue of this Article to the Commission shall be conclusive evidence for all purposes of that fact.