Transfer of assets of former Authorities
24 Transfer of assets of former Authorities
On the abolition of a former Authority, the following provisions have effect—
all real and personal property (including any estate or interest in, or right to control or manage, real or personal property) that, immediately before that abolition, was vested in the former Authority vests in the Roads and Traffic Authority,
all money that, immediately before that abolition, was payable to the former Authority becomes payable to the Roads and Traffic Authority,
any liquidated or unliquidated claim that, immediately before that abolition, was enforceable by or against the former Authority becomes enforceable by or against the Roads and Traffic Authority,
any proceeding pending immediately before that abolition at the suit of or against the former Authority becomes a proceeding pending at the suit of or against the Roads and Traffic Authority,
any contract or arrangement entered into with the former Authority and in force immediately before that abolition becomes a contract or arrangement entered into with the Roads and Traffic Authority,
any security or charge given to or by the former Authority and in force immediately before that abolition becomes a security or charge given to or by the Roads and Traffic Authority,
any act, matter or thing done or omitted to be done before that abolition by, to or in respect of the former Authority shall (to the extent that that act, matter or thing has any force or effect) be taken to have been done or omitted by, to or in respect of the Roads and Traffic Authority.
This Act’s bill:Explanatory memorandum
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