Building Services (Registration) Act 2011

On and after commencement day —

the assets and rights of the former board that were immediately before that day vested in the board vest in the State by force of this section; and

the liabilities of the former board (including a share of a liability) immediately before that day become, by force of this section, the liabilities of the State; and

any proceeding or remedy that immediately before that day might have been brought or continued by or available against or to the former board may be brought or continued and are available, by or against or to the Building Commissioner; and

all records and data of the former board pass to the Building Commissioner.

Moneys vested in the State under subsection (1)(a) are to be held to the credit of the Building Services Account.

The proceeds of the sale of any assets vested in the State under subsection (1)(a) are to be paid into the Building Services Account.

Liabilities taken over by the State under subsection (1)(b) are to be paid from the Building Services Account.