s 31
In forceEffect of allocation order
Schedule 1Repeals and transitional provisions
Part 18Saving and transitional provisions
Division 2Transfer of assets and liabilities
31 Effect of allocation order
(1)
On the date that an allocation order takes effect, assets and liabilities vest in the transferee named in the allocation order in accordance with the order.
(2)
If an allocation order provides for the transfer of a prescribed body's interest in an agreement—
(a)
the transferee becomes, on the date that the order takes effect, a party to the agreement in place of the prescribed body; and
(b)
on and after the date that the order takes effect, the agreement has effect as if the transferee had always been a party to that agreement.
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