45Rights of Board to vest in Memorial etc.

45 Rights of Board to vest in Memorial etc.

(1) Subject to this Act, upon the commencing date: (a) any rights, property or assets that, immediately before that date were vested in the Board are, by force of this subsection, vested in the Memorial; (b) any historical material that, immediately before that date: (i) was vested in the Commonwealth; and (ii) formed part of the war relics of Australia within the meaning of the repealed Act; is, by force of this subsection, vested in the Memorial; (c) the Memorial becomes, by force of this subsection, entitled to the custody of material, being any other historical material or other goods or equipment held, immediately before that date, in the custody of the Board, upon the terms and conditions upon which that material was held by the Board; and (d) the Memorial becomes, by force of this subsection, liable to pay and discharge any debts, liabilities or obligations of the Board that existed immediately before that date. (2) An arrangement or contract entered into by or on behalf of the Board as a party and in force immediately before the commencing date continues in force notwithstanding the repeals effected by section 44, but that arrangement or contract has effect, on and after the commencing date, as if: (a) the Memorial were substituted for the Board as a party to the arrangement or contract; and (b) any reference in the arrangement or contract to the Board were (except in relation to a matter that occurred before that date) a reference to the Memorial. (3) Where, immediately before the commencing date, proceedings to which the Board was a party were pending in any court, the Memorial is, by force of this subsection, substituted for the Board as a party to the proceedings and has the same rights in the proceedings as the party for which it is substituted.