Vesting of undertaking in transferee
2 Vesting of undertaking in transferee
If assets, rights or liabilities are transferred by a project order, the following provisions have effect subject to the order—
the assets of the transferor vest in the transferee because of this Schedule and without the need for a conveyance, transfer, assignment or assurance,
the rights and liabilities of the transferor become, because of this Schedule, the rights and liabilities of the transferee,
all proceedings relating to the assets, rights or liabilities commenced before the transfer by or against the transferor or a predecessor of the transferor and pending immediately before the transfer are taken to be proceedings pending by or against the transferee,
the transferee has all the entitlements and obligations of the transferor in relation to the assets, rights and liabilities that the transferor would have had but for the order, whether or not those entitlements and obligations were actual or potential at the time the order took effect,
an act, matter or thing done or omitted to be done in relation to the assets, rights or liabilities before the transfer by, to or in relation to the transferor is, to the extent the act, matter or thing has any force or effect, taken to have been done or omitted by, to or in relation to the transferee,
a reference in an Act, in an instrument made under an Act or in a document of any kind to the transferor or a predecessor of the transferor is, to the extent it relates to the assets, rights or liabilities but subject to the project order, to be read as, or as including, a reference to the transferee.
This Act’s bill:Explanatory memorandumSecond reading speech
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