Home Building Act 1989

This clause applies to the transfer of assets, rights or liabilities of the Corporation to the Administration Corporation or to another person under section 110.

The following provisions have effect (subject to any order directing the transfer)—

the assets concerned vest in the transferee by force of this clause and without the need for any conveyance, transfer, assignment or assurance,

the rights and liabilities concerned become by force of this clause the rights and liabilities of the transferee,

all proceedings relating to that part of the assets, rights or liabilities commenced before the transfer by or against the Corporation and pending immediately before the transfer are taken to be proceedings pending by or against the transferee,

anything done or omitted to be done in relation to that part of the assets, rights or liabilities before the transfer by, to or in respect of the Corporation is (to the extent that it has any force or effect) taken to have been done or omitted to be done by, to or in respect of the transferee,

a reference in any other Act, in any instrument, made under any Act or in any document of any kind to the Corporation is (to the extent that it relates to that part of the assets, rights or liabilities but subject to the regulations) to be read as, or as including, a reference to the transferee.

The operation of this clause is not to be regarded—

as a breach of any contractual provision prohibiting, restricting or regulating the assignment or transfer of assets, rights or liabilities, or

as giving rise to any remedy by a party to an instrument, or as causing or permitting the termination of any instrument, because of a change in the beneficial or legal ownership of any asset, right or liability.

The operation of this section is not to be regarded as an event of default under any contract or other instrument.

No attornment to the transferee by a lessee from the Corporation is required.

No compensation is payable to any person in connection with a transfer except, in the case of a transfer by order under section 110(3), to the extent (if any) to which the order giving rise to the transfer so provides.