54Transfer of assets and liabilities of old Institute

54 Transfer of assets and liabilities of old Institute

(1) At the commencement, the assets and liabilities of the old Institute become assets and liabilities of the new Institute. (2) The following provisions apply to assets and liabilities that have become assets and liabilities of the new Institute because of subsection (1): (a) an asset that was, immediately before the commencement, held by the old Institute on trust shall, after the commencement, be held by the new Institute on trust and subject to the terms of the trust on which the asset was so held by the old Institute; (b) liabilities of the old Institute to make payments shall, after the commencement, be taken to be liabilities incurred by the new Institute in the performance of its functions and the exercise of its powers.