Superannuation Administration Act 1996

When any part of the business undertaking of the SAS Board, the PSES Board or the Corporation is transferred by an order made under clause 10 or 11, the following provisions have effect (subject to the order directing the transfer)—

the assets of the SAS Board, the PSES Board or the Corporation comprised in that part of the undertaking vest in the transferee by force of this clause and without the need for any conveyance, transfer, assignment or assurance,

the rights and liabilities of the SAS Board, the PSES Board or the Corporation comprised in that part of the undertaking become by force of this clause the rights and liabilities of the transferee,

all proceedings relating to that part of the undertaking commenced before the transfer by or against the SAS Board, the PSES Board or 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 undertaking before the transfer by, to or in respect of the SAS Board, the PSES Board or 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 SAS Board, the PSES Board or the Corporation is (to the extent that it relates to that part of the undertaking 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 SAS Board, the PSES Board or the Corporation is required.

Any instrument executed only for—

a purpose ancillary to or consequential on the operation of this clause, or

the purpose of giving effect to this clause,