Transitional
25 Transitional
On the commencement of this section—
all property, rights and assets of State Trust are by virtue of this Act vested in State Trustees;
all liabilities of State Trust are by virtue of this Act liabilities of State Trustees;
State Trustees is the successor in law of State Trust.
Without limiting the generality of subsection (1)(c), where, immediately before the commencement of this section—
State Trust was acting in any capacity State Trustees may, from the commencement of this section, act in that capacity;
proceedings to which State Trust was a party were pending or existing in any court or tribunal, from the commencement of this section State Trustees is substituted for State Trust as a party to the proceedings and has the same rights in the proceedings as State Trust had.
S. 25A inserted by No. 20/1999 s. 3, repealed by No. 17/2010 s. 21.
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This Act’s bill:Second reading speech
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