(1) This section applies to:

(a)

the assets of DRDC; and

(b)

the liabilities of DRDC.

(2) At the conversion time, the assets and liabilities cease to be assets and liabilities of DRDC and become assets and liabilities of Dairy Australia Limited without any conveyance, transfer or assignment. (3) Immediately after the conversion time, Dairy Australia Limited becomes DRDC's successor in law in relation to the assets and liabilities.

Note: The effect of converting ADC into a Corporations Act company is not to create a new legal entity. The assets and liabilities of ADC immediately before the conversion time will remain assets and liabilities of Dairy Australia Limited immediately after that time.