21Effect of amalgamation

21 Effect of amalgamation

(1) On the registration of an amalgamated association under section 19(1)—

(a) the bodies corporate previously constituted by the constituent associations are taken to be subsumed in the body corporate constituted by the amalgamated association;

(b) the property of each constituent association vests in the amalgamated association and, by force of this provision, without the necessity for any conveyance, transfer or assignment;

(c) the amalgamated association is, by force of this provision, substituted as a party to any arrangement or contract (including a contract of employment)—

(i) entered into by, or on behalf of, any of the constituent associations as a party; and

(ii) in force immediately before the registration.

(2) Any property vested in an amalgamated association by reason of subsection (1)(b) vests in the incorporated association subject to—

(a) any trust; and

(b) any restriction, limitation, mortgage, charge, security interest, encumbrance, lien, lease, covenant, contract or liability—

to which the property was subject immediately before it was vested by reason of subsection (1)(b).

(3) On the registration of an amalgamated association under section 19(1), all debts and liabilities, whether certain or contingent, of a constituent association existing immediately before the registration become the debts and liabilities of the amalgamated association.

(4) A reference in a will to a constituent association must, unless the will otherwise provides, be construed as a reference to the amalgamated association.

(5) In this section—

constituent association, in relation to an amalgamated association, means an incorporated association that is subsumed by the amalgamated association on the registration of the latter under section 19(1).