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GOVERNMENT OWNED CORPORATIONS (GENERATOR RESTRUCTURE--CLEANCO) REGULATION 2019 - REG 7
Transferring instruments
7 Transferring instruments
(1) This section applies if, immediately before the transfer date for a
transfer schedule— (a) the transfer schedule identifies an instrument
relating to Stanwell; and
(b) the instrument is still in effect.
(2) The
instrument applies to the recipient entity for the instrument instead of
Stanwell on and from the transfer date.
(3) Stanwell, the recipient entity
and any other party to the instrument must do all things necessary to enable
the instrument to be applied to the recipient entity on and from the
transfer date.
(4) Without limiting subsection (2) , on and from the
transfer date— (a) any right, title or interest arising under or relating to
the instrument is taken to be transferred from Stanwell to the recipient
entity; and
(b) a benefit or right provided by the instrument, given to, by
or in favour of Stanwell is taken to have been given to, by or in favour of
the recipient entity; and
(c) the recipient entity is taken to be a party to
the instrument instead of Stanwell; and
(d) a reference in the instrument to
Stanwell is taken to be a reference to the recipient entity; and
(e) a
reference in the instrument to the shareholding Ministers of Stanwell is taken
to be a reference to the shareholding Ministers of CleanCo; and
(f) an amount
that is, or may become, payable to or by Stanwell under the instrument is
taken to be an amount that is, or may become, payable to or by the recipient
entity in the way the amount was, or might have become, payable to or by
Stanwell.
(5) However, nothing in this section imposes a liability on the
recipient entity to the extent that— (a) the liability has not been
transferred to the recipient entity under section 6 ; or
(b) Stanwell is
liable for the liability under section 10 .
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