Transfer of liabilities of Corporation
9 Transfer of liabilities of Corporation
On the transfer day, the liabilities of the Corporation, the transfer of which has the consent of the Commonwealth Minister under section 20F(3) of the Commonwealth Act, are transferred to the Development Corporation.
On the transfer day, a liability of the Corporation to which subsection (1) applies—
ceases to be a liability of the Corporation; and
becomes a liability of the Development Corporation.
In relation to the transfer of a liability—
an instrument relating to the liability continues to have effect after the liability becomes a liability of the Development Corporation as if a reference in the instrument to the Corporation were a reference to the Development Corporation; and
the Development Corporation becomes the successor in law of the Corporation in relation to a liability immediately after the liability becomes a liability of the Development Corporation; and
if any proceedings to which the Corporation was a party—
were pending in any court or tribunal immediately before the transfer; and
related, in whole or in part, to the liability—
the Development Corporation is substituted for the Corporation as a party to the proceedings to the extent to which the proceedings relate to the liability.
Note
This section does not apply in respect of development covenants—see section 17.
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