Office of Director abolished
4 Office of Director abolished
On the commencement day—
the office of Director is abolished and the person holding the office goes out of office;
the Panel is abolished and its members go out of office;
all rights, property and assets that, immediately before that day, were vested in the office of Director are, by force of this subclause, vested in the new Commission;
all debts, liabilities and obligations of the Director existing immediately before that day become, by force of this subclause, debts, liabilities and obligations of the new Commission;
the new Commission is, by force of this subclause, substituted as a party to any proceeding pending in any court or tribunal to which the Director was a party immediately before that day;
the new Commission is, by force of this subclause, substituted as a party to any arrangement or contract entered into by or on behalf of the Director as a party and in force immediately before that day.
This Act’s bill:Second reading speech
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