102Property transferred in accordance with direction

102 Property transferred in accordance with direction On the relevant date— (a) all property and rights of a port authority, wherever located, that are allocated under an allocation statement in accordance with a direction of the Treasurer under section 101, vest in a port corporation, a subsidiary that is wholly owned by the port authority or the State in accordance with the statement; and (b) all liabilities of a port authority, wherever located, that are allocated under an allocation statement become liabilities of a port corporation, a subsidiary that is wholly owned by the port authority or the State in accordance with the statement.