(1) Subject to the provisions of this section, the Commissioner is hereby authorized and directed, as soon as conveniently may be after the commencement of this Act, to transfer and assure to each of the bodies corporate constituted by section 3 the title to all land and interests in land comprised in the trust estate in respect of which the body corporate is constituted, and to transfer, set over, and deliver all livestock, plant, implements, stores, and farming chattels comprised in and allocated exclusively to the trust estate, freed and discharged from any liability to the Commissioner except the general liability to contribution and the liability to indemnify the Commissioner imposed by this Part.
(2) Before any transfer in accordance with subsection (1) is made of any property comprised in any trust estate for the time being indebted to the Commissioner, the body corporate constituted in respect of that trust estate shall make arrangements with the Commissioner for the payment of the following amounts:
(c) any sum ascertained in accordance with subsection (4) as chargeable to the trust estate in respect of the charges, expenses, and liabilities incurred or to be incurred by the Commissioner in carrying out the duties prescribed for him under this Part.
(3) Upon the payment, or, as the case may be, upon the making of arrangements satisfactory to the Commissioner for the payment, of the amounts referred to in subsection (2), the Commissioner shall contemporaneously transfer and assure to the body corporate the farming assets of the trust estate in respect of which the body corporate is constituted.
(4) The sum referred to in paragraph (c) of subsection (2) shall be the sum ascertained by the Commissioner, with the approval and concurrence of his duly appointed auditors, as the proportion fairly and justly chargeable to the trust estate in respect of which it is ascertained, of the total existing liabilities and losses of the Commission not chargeable directly to any 1 or more of the trust estates, and of the total estimated contingent liabilities, costs, and expenses arising out of the winding up of the Commissioner's business and assets generally.
(5) On the transfer to any body corporate of the land and chattels of the trust estate, in accordance with subsection (1) or subsection (3), all book debts (whether for advances to beneficiaries or otherwise) and all choses in action the property of the trust estate shall vest in the body corporate, and the Commissioner, at the request of the body corporate made at the time of transfer or at any time thereafter, shall formally assign and transfer any such book debt or chose in action accordingly.
(6) On the transfer as aforesaid to a body corporate of the land and chattels comprised in any trust estate, the Commissioner shall pay over to the body corporate all moneys appropriated and held by him to the credit of individual beneficial owners in the trust estate, and all such moneys shall be held by the body corporate upon the same trusts and subject to the same liabilities and encumbrances as they were subject to in the hands of the Commissioner.