Where, under an allocation statement, the rights and liabilities of the Port of Melbourne Corporation under an agreement are allocated to the Port of Hastings Development Authority—
(a) the Port of Hastings Development Authority becomes, on the relevant date, a party to the agreement in place of the Port of Melbourne Corporation; and
(b) on and after the relevant date, the agreement has effect as if the Port of Hastings Development Authority had always been a party to the agreement.
S. 214 inserted by No. 38/2011 s. 21.