Commonwealth Numbered Acts

HOUSING LOANS INSURANCE CORPORATION (SALE OF ASSETS AND ABOLITION) ACT 1990 No. 16 of 1991 - SECT 23

23. (1) On the repeal of the Corporation Act, the residual assets vest in the
Commonwealth.

(2) Vesting of the residual assets in the Commonwealth does not take away or
limit any other person's rights in respect of the assets except to the extent
that any rights against the Corporation become rights against the
Commonwealth.

(3) The Commonwealth is liable to pay or discharge all debts, liabilities and
obligations of the Corporation, including liabilities under section 38 of the
Corporation Act, in respect of any residual asset which vests in the
Commonwealth to the extent the Corporation was liable immediately before the
repeal.

(4) Any contracts in respect of a residual asset to which the Corporation was
a party immediately before the repeal have effect on and after the repeal as
if:

   (a)  the Commonwealth were substituted for the Corporation as a party to
        them; and

   (b)  references in them to the Corporation were (except in relation to
        matters that occurred before the repeal) references to the
        Commonwealth.

(5) If, immediately before the repeal, proceedings to which the Corporation
was a party are pending in a court, then, on and after the repeal, the
Commonwealth is substituted for the Corporation in the proceedings and has the
same rights as the Corporation would have had in the proceedings.