Port Management Act 1995

the old corporation is abolished and the directors go out of office; and

all rights, property and assets that, immediately before the commencement day were vested in the old corporation, vest in the new corporation; and

all debts, liabilities and obligations of the old corporation existing immediately before the commencement day, become debts, liabilities and obligations of the new corporation; and

the new corporation is substituted as a party to any proceedings pending in any court or tribunal to which the old corporation was a party, immediately before the commencement day; and

the new corporation is substituted as a party to any contract or arrangement entered into by or on behalf of the old corporation and in force immediately before the commencement day; and

any reference to the old corporation in any Act or in any proclamation, Order in Council, rule, regulation, order, agreement, instrument, deed or other document, so far as it relates to any period after the commencement day, and if not inconsistent with the context or subject matter, must be construed as a reference to the new corporation.