Western Australian Current Acts Western Australian Current Acts (1) On the coming into
operation of this Act —
(a) all
rights, liabilities and obligations of the Treasurer under the repealed Act
that were in existence immediately before that coming into operation shall
devolve on the Corporation and section 13 applies accordingly to any such
liability which is a financial liability;
(b) all
contracts, agreements and undertakings made by or with the Treasurer under the
repealed Act and having effect immediately before that coming into operation
shall have effect as contracts, agreements and undertakings made by or with
the Corporation and may be enforced by or against the Corporation accordingly;
and
(c) any
legal or other proceedings or any remedies that might, but for section 23,
have been commenced or continued or available by or against or to the
Treasurer under the repealed Act may be commenced or continued, or shall be
available, by or against or to the Corporation, as the case requires.
(2) Without limiting
the generality of subsection (1) —
(a) any
moneys borrowed by the Treasurer under section 4 of the repealed Act and not
repaid, together with any amount referred to in section 5(1)(b) of the
repealed Act, related to that borrowing and unpaid, before the coming into
operation of this Act shall be repaid or paid, as the case requires, by the
Corporation in accordance with the terms and conditions of, and in the manner
envisaged by, that borrowing;
(b) any
debt paper created by the Treasurer under the repealed Act and not cancelled
or otherwise extinguished before the coming into operation of this Act shall
be deemed to have been created by the Corporation under section 10 and shall
be dealt with accordingly; and
(c) any
moneys lent by the Treasurer under section 7(1) of the repealed Act and not
repaid, together with any interest on those moneys, and any expenses connected
with that lending, not paid, to the Treasurer under section 8 of the repealed
Act before the coming into operation of this Act shall be repaid or paid, as
the case requires, to the Corporation in accordance with the terms and
conditions of that lending, but otherwise those moneys shall be deemed for the
purposes of this Act to have been lent under section 14(2) and that interest
and those expenses shall be deemed for the purposes of this Act to be interest
on those moneys, and fees required to be paid under section 14(2) to the
Corporation in connection with that lending, respectively.
(3) Notwithstanding
anything in this section, the Corporation may, after having consulted the
authority or authorities concerned, alter the terms and conditions on which
any amount or amounts lent by the Treasurer under section 7(1) of the repealed
Act was or were so lent to that authority or those authorities and those terms
and conditions as so altered shall in respect of the period commencing on the
date of that alteration be deemed to be those on which that amount or those
amounts was or were so lent and shall have effect accordingly.
(4) For the purposes
of this section, a reference to the Treasurer under the repealed Act or to the
Treasurer as the central borrowing authority in the State under the repealed
Act, as the case requires, in an account, book, record, document or paper in
existence immediately before the coming into operation of this Act shall on
that coming into operation be construed as a reference to the Corporation.