325
CurrentTransfer of WBWC assets and WBWC liabilities to FCRC
Chapter 11Repeal and transitional provisions
Part 3Transition from WBWC to FCRC
325 Transfer of WBWC assets and WBWC liabilities to FCRC
(1)
At the beginning of the transfer day—
(a)
WBWC is divested of all WBWC assets and released from all WBWC liabilities; and
(b)
WBWC assets become the assets of FCRC; and
(c)
WBWC liabilities are assumed by FCRC.
(2)
In this section—
WBWC asset means an asset that, immediately before the transfer day, is an asset of WBWC.
WBWC liability means a liability that, immediately before the transfer day, is a liability of WBWC.
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