262Pending proceedings etc. by or against the NCSC

262 Pending proceedings etc. by or against the NCSC

(1) Where, immediately before the commencement, co‑operative scheme proceedings to which the NCSC was a party were pending in any court or tribunal, the Commission is, after the commencement, substituted for the NCSC as a party to the proceedings and has the same rights in the proceedings as the NCSC had. (2) A right of action in favour of or against the NCSC existing immediately before the commencement (being a right of action arising under a relevant previous law of this jurisdiction) is, after the commencement, taken to be a right of action in favour of or against the Commission. (3) In this section:

co‑operative scheme proceedings means proceedings arising under a relevant previous law of this jurisdiction, including proceedings relating to trust assets of the NCSC.