Transfer order under s. 44, effect of
45 Transfer order under s. 44, effect of
If a transfer order is made, then —
at the transfer time —
the assets of the Authority specified in the transfer order are, by the operation of this section, assigned to the FES Ministerial Body; and
the rest of the assets of the Authority are, by the operation of this section, assigned to the State;
and
at the transfer time —
the liabilities of the Authority specified in the transfer order are, by the operation of this section, assigned to and become the liabilities of the FES Ministerial Body; and
the rest of the liabilities of the Authority are, by the operation of this section, assigned to and become the liabilities of the State;
and
at the transfer time, the FES Ministerial Body is substituted for the Authority as a party to any proceedings specified in the transfer order, and the State is substituted for the Authority as a party to all other proceedings in which the Authority was a party immediately before the transfer time; and
any agreement or instrument specified in the order has effect, by the operation of this section, as if references to the State or the FES Ministerial Body were, at the transfer time, substituted, in accordance with the order, for references in it to the Authority; and
any proceedings or remedy that might have been commenced by, or available against or to, the Authority in relation to the assets and liabilities assigned by paragraphs (a) and (b) may be commenced by, or are available against or to —
the FES Ministerial Body, in the case of assets and liabilities assigned by paragraphs (a)(i) and (b)(i); and
the State, in the case of assets and liabilities assigned by paragraphs (a)(ii) and (b)(ii);
and
anything done or omitted to be done in relation to the assets and liabilities assigned by paragraphs (a) and (b) before the assignment, by, to or in respect of the Authority (to the extent that that thing has any effect) is to be taken to have been done or omitted by, to or in respect of —
the FES Ministerial Body, in the case of assets and liabilities assigned by paragraphs (a)(i) and (b)(i); and
the State, in the case of assets and liabilities assigned by paragraphs (a)(ii) and (b)(ii).
As soon as is practicable after the transfer time, all records and data of the Authority are to be delivered to the FES Commissioner.
[Section 45 inserted: No. 22 of 2012 s. 39.]
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