50
CurrentAllocation of property etc. subject to encumbrances
Part 7Transitional provisions
Division 2Transfer of assets and liabilities
50 Allocation of property etc. subject to encumbrances
Unless an allocation statement otherwise provides, where, under this Division, property and rights vest in Court Services Victoria or liabilities become liabilities of Court Services Victoria—
(a)
the property and rights so vested are subject to the encumbrances (if any) to which they were subject immediately before so vesting; and
(b)
the rights to which the State was entitled in respect of those liabilities immediately before they became liabilities of Court Services Victoria, vest in Court Services Victoria.
This Act’s bill:Explanatory memorandumSecond reading speech
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