154
CurrentTransfer of property to SEC and abolition of port authorities
Part 11Abolition of port authorities
154 Transfer of property to SEC and abolition of port authorities
On the port authority abolition date—
(a)
all property and rights of the port authority, wherever located, vest in SEC subject to the encumbrances (if any) to which they were subject immediately before so vesting; and
(b)
all liabilities of the port authority, wherever located become liabilities of SEC; and
(c)
SEC becomes the successor in law of the port authority; and
(d)
the port authority is abolished.
S. 155 substituted by No. 63/1997 s. 8.
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