Melbourne Market Authority Act 1977

Where an agreement under section 41 or 42 makes provision for the transfer to the Trust of debts or liabilities of the Council, being debts or liabilities under debentures or inscribed stock issued under the Melbourne and Geelong Debentures and Inscribed Stock Act 1932, the Trust shall, as soon as practicable after the appointed day, issue to the holders or registered owners or successors in title of the holders or registered owners of those debentures or inscribed stock, debentures or inscribed stock of the Trust in lieu of the first-mentioned debentures or inscribed stock of the same amount, bearing the same interest and of the same currency.

Upon the issue of debentures or inscribed stock of the Trust under subsection (1), the debentures or inscribed stock in lieu of which the issue was made are cancelled and ceased to have any force or effect.