PRIVATE HEALTH INSURANCE (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 2007
PART 6
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TRANSITIONAL PROVISIONS RELATING TO CHAPTER 6 OF THE NEW ACT
Division 1
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Private Health Insurance Ombudsman
Subdivision B
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Assets, liabilities and legal proceedings
SECTION 28
VESTING OF ASSETS OF OLD OMBUDSMAN
(1)
This section applies to the assets of the old Ombudsman immediately before the Ombudsman conversion time.
(2)
At the Ombudsman conversion time, the assets to which this section applies cease to be assets of the old Ombudsman and become assets of the Commonwealth without any conveyance, transfer or assignment. The Commonwealth becomes the successor in law in relation to these assets.
This section applies to the assets of the old Ombudsman immediately before the Ombudsman conversion time.
(2)
At the Ombudsman conversion time, the assets to which this section applies cease to be assets of the old Ombudsman and become assets of the Commonwealth without any conveyance, transfer or assignment. The Commonwealth becomes the successor in law in relation to these assets.
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