(1) On the
commencement day —
(a) the
assets of the Trust are, by operation of this section, assigned to and become
assets of the State to be administered in the Department; and
(b) the
liabilities of the Trust are, by operation of this section, assigned to and
become liabilities of the CEO acting on behalf of, and in the name of, the
State; and
(c) the
CEO acting on behalf of, and in the name of, the State is substituted for the
Trust as a party to all proceedings in which the Trust was a party immediately
before the commencement day; and
(d) any
proceeding or remedy that might have been commenced by, or available against
or to, the Trust in relation to the assets and liabilities assigned by
paragraphs (a) and (b) may be commenced by, or are available against or to,
the CEO acting on behalf of, and in the name of, the State; and
(e)
anything done or omitted to be done in relation to the assets and liabilities
assigned by paragraphs (a) and (b) before the assignment, by, to or in respect
of the Trust (to the extent that that thing has any effect) is to be taken to
have been done or omitted by, to or in respect of the CEO acting on behalf of,
and in the name of, the State.
(2) As soon as is
practicable after the commencement day, all records and data of the Trust are
to be delivered to the CEO.
(3) Nothing in this
section affects the operation of sections 11 or 23(a).
[Section 142 inserted: No. 6 of 2015 s. 48.]