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In forceObligations and liabilities of the representative for a defunct institution
Chapter 5Participating institutions, participating groups and participating jurisdictions
Part 5‑1Participating institutions
Division 4Participating defunct institutions
Subdivision BRepresentatives for participating defunct institutions
123 Obligations and liabilities of the representative for a defunct institution
Any obligation or liability imposed by this Act on a participating defunct institution is taken to be imposed instead on the representative for the institution.
Note 1:
An example of an obligation that may be imposed on the defunct institution is the obligation under section 54 to provide a direct personal response to a person. That obligation will be imposed instead on the representative.
Note 2:
An example of a liability that may be imposed on the defunct institution is the liability under section 149 to pay funding contribution. That liability will be imposed instead on the representative.
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