Queensland Numbered Acts

BRISBANE OLYMPIC AND PARALYMPIC GAMES ARRANGEMENTS ACT 2021 - SECT 53

53 Dealing with assets and liabilities on dissolution

(1) On the dissolution day under section 52 —

(a) the corporation is dissolved; and

(b) the directors who held office immediately before the dissolution day go out of office; and

(c) the appointments of the following persons end—

(i) the chief executive officer;

(ii) any other staff employed by the corporation.

(2) On the dissolution day, the State becomes the successor in law of the corporation.

(3) Without limiting subsection (2) , on the dissolution day—

(a) the assets, rights, duties and liabilities of the corporation become assets, rights, duties and liabilities of the State; and

(b) the State is substituted for the corporation as a party to—

(i) any contract, lease or other instrument to which the corporation was a party immediately before the dissolution day; or

(ii) any current legal proceeding to which the corporation was a party immediately before the dissolution day.

(4) To remove any doubt, it is declared that subsection (3) (a) does not affect the State’s obligations under the host contract.