Western Australian Current Acts

CO-OPERATIVES ACT 2009 - SECT 335

335 .         Effect of merger etc. on property, liabilities etc.

        (1)         In this section —

        assets means any legal or equitable estate or interest (whether present or future and whether vested or contingent) in real or personal property of any description (including money), and includes securities, choses in action and documents;

        instrument means an instrument (other than this Act) which creates, modifies or extinguishes rights or liabilities (or would do so if lodged, filed or registered in accordance with any law), and includes any judgment, order and process of a court;

        liabilities means liabilities, debts and obligations (whether present or future and whether vested or contingent).

        (2)         On and from the relevant day for an event to which this Division applies —

            (a)         the assets of the original body vest in the new body without the need for a conveyance, transfer, assignment or assurance; and

            (b)         the rights and liabilities of the original body become the rights and liabilities of the new body; and

            (c)         all proceedings by or against the original body that are pending immediately before the relevant day are taken to be proceedings pending by or against the new body; and

            (d)         an act, matter or thing done or omitted to be done by, to or in relation to the original body before the relevant day is, to the extent to which that act, matter or thing has any force or effect, taken to have been done or omitted by, to or in relation to the new body; and

            (e)         a reference in an instrument or document of any kind to the original body is to be read as, or as including, a reference to the new body.

        (3)         The operation of this section cannot be regarded —

            (a)         as a breach of contract or confidence or otherwise as a civil wrong; or

            (b)         as a breach of any contractual provision prohibiting, restricting or regulating the assignment or transfer of assets, rights or liabilities; or

            (c)         as giving rise to a remedy by a party to an instrument, or as causing or permitting the termination of an instrument, because of a change in the beneficial or legal ownership of an asset, right or liability.