s 42
In forceTransfer of transferable assets and liabilities etc.
Part 3Transfer of Trade Office’s business to TIQ
Division 2Transferable assets and liabilities etc.
42 Transfer of transferable assets and liabilities etc.
On the transfer day—
(a)
the State is divested of all transferable assets and liabilities and the transferable assets and liabilities become the assets and liabilities of TIQ; and
(b)
any transferable instrument is taken to be an instrument to which TIQ is a party and may be enforced by or against TIQ; and
(c)
transferable proceedings may be continued or started by or against TIQ.
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