Australian Capital Territory Repealed Acts

This legislation has been repealed.

COOPERATIVES ACT 2002 (REPEALED) - SECT 336

    (1)     In this section:

"assets "includes contingent assets.

"instrument "means an instrument (other than this Act) that creates, changes or extinguishes rights or liabilities (or would do so if lodged, filed or registered in accordance with any Act), and includes any judgment, order and process of a court.

    (2)     On and from the relevant day for an event to which this division applies—

        (a)     the assets of the original body vest in the new body without the need for any conveyance, transfer, assignment or assurance; and

        (b)     the rights and liabilities of the original body become the rights and liabilities of the new body; and

        (c)     all proceedings by or against the original body that are pending immediately before the relevant day are taken to be proceedings pending by or against the new body; and

        (d)     anything done or omitted to be done by, to or in relation to the original body before the relevant day is (to the extent to which it has any force or effect) taken to have been done or omitted by, to or in relation to the new body; and

        (e)     a reference in an instrument or in any document of any kind to the original body is, or includes, a reference to the new body.

    (3)     Any act or omission happening because of, or arising from, the operation of this section is not to be regarded—

        (a)     as a breach of contract or confidence or otherwise as a civil wrong; or

        (b)     as a breach of any contractual provision prohibiting, restricting or regulating the assignment or transfer of assets, rights or liabilities; or

        (c)     as giving rise to any remedy by a party to an instrument, or as causing or permitting the termination of any instrument, because of a change in the beneficial or legal ownership of any asset, right or liability.