Financial Sector (Transfer and Restructure) Act 1999

PART 4A - RESTRUCTURES  

Division 4 - Internal transfer certificates  

SECTION 36R   INTERNAL TRANSFER CERTIFICATES - LEGAL EFFECT  

36R(1)    
When an internal transfer certificate comes into force in respect of a particular asset or liability, the receiving body becomes the successor in law of the transferring body, to the extent of the transfer.

36R(2)    
In particular:

(a) the asset or liability, wherever it is located, becomes an asset or liability (as applicable) of the receiving body without any transfer, conveyance or assignment; and

(b) to the extent of the transfer, the duties, obligations, immunities, rights and privileges applying to the transferring body apply to the receiving body.