Successor in law and new liability

Current

(1)

The recipient entity of an asset, liability or instrument transferred under this regulation is the successor in law of Powerlink in relation to the asset, liability or instrument.

(2)

However, nothing in subsection (1) imposes a liability on the recipient entity to the extent that—

(a)

the liability is not transferred to the recipient entity under section 5; or

(b)

Powerlink is liable for the liability under section 8.

(3)

The recipient entity is liable for a liability, relating to an asset, liability or instrument transferred under this regulation, that arises on or after the transfer.

Note—

However, see section 8.

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7 Successor in law and new liability