155
In forceSubstitution of party to agreement
Part 11Abolition of port authorities
155 Substitution of party to agreement
Where, under section 154, the rights and liabilities of a port authority under an agreement vest in, or become liabilities of, SEC—
(a)
SEC becomes, on the port authority abolition date, a party to the agreement in place of the port authority; and
(b)
on and after the port authority abolition date, the agreement has effect as if SEC had always been a party to the agreement.
S. 156 substituted by No. 63/1997 s. 8.
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