Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) The body corporate constituted under the Unit Titles Act 1975 under the name "The Proprietors – Units Plan No. 97/026" (the former body corporate ) is continued in existence by the body corporate constituted under the Unit Titles Act 1975 on registration of the Lake Bennett units plan (the new body corporate ).
(2) Without limiting subsection (1):
(a) the assets and liabilities of the former body corporate immediately before the commencement date vest in the new body corporate;
(b) any contracts entered into by or on behalf of the former body corporate and all guarantees, undertakings and securities given by or on behalf of the former body corporate, in force immediately before the commencement date, are taken to have been entered into or given by or to the new body corporate and may be enforced against or by the new body corporate;
(c) a proceeding that could have been started or continued by or against the former body corporate before the commencement date may be started or continued by or against the new body corporate; and
(d) anything else done under the Unit Titles Act 1975 by the former body corporate for the performance of its duties or functions, or the exercise of its powers, is taken to have been done by the new body corporate.