Property, rights and liabilities allocated in accordance with direction

In force

On the relevant date—

(a)

all property and rights of the relevant transferor, wherever located, that are allocated under an allocation statement, vest in the relevant transferee in accordance with the statement;

(b)

all liabilities of the relevant transferor, wherever located, that are allocated under an allocation statement, become liabilities of the relevant transferee in accordance with the statement.

S. 249 inserted by No. 61/2011 s. 4 (as amended by No. 43/2012 s. 3(Sch. item 55)).

This Act’s bill:Explanatory memorandum Second reading speech

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248 Property, rights and liabilities allocated in accordance with direction