Brisbane Olympic and Paralympic Games Arrangements Act 2021
sec.53Dealing with assets and liabilities on dissolution
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sec.53 Dealing with assets and liabilities on dissolution
On the dissolution day under section 52 — the corporation is dissolved; and the directors who held office immediately before the dissolution day go out of office; and the appointments of the following persons end— the chief executive officer; any other staff employed by the corporation. On the dissolution day, the State becomes the successor in law of the corporation. Without limiting subsection (2) , on the dissolution day— the assets, rights, duties and liabilities of the corporation become assets, rights, duties and liabilities of the State; and the State is substituted for the corporation as a party to— any contract, lease or other instrument to which the corporation was a party immediately before the dissolution day; or any current legal proceeding to which the corporation was a party immediately before the dissolution day. To remove any doubt, it is declared that subsection (3) (a) does not affect the State’s obligations under the host contract. (sec.53-ssec.1) On the dissolution day under section 52 — the corporation is dissolved; and the directors who held office immediately before the dissolution day go out of office; and the appointments of the following persons end— the chief executive officer; any other staff employed by the corporation. (sec.53-ssec.2) On the dissolution day, the State becomes the successor in law of the corporation. (sec.53-ssec.3) Without limiting subsection (2) , on the dissolution day— the assets, rights, duties and liabilities of the corporation become assets, rights, duties and liabilities of the State; and the State is substituted for the corporation as a party to— any contract, lease or other instrument to which the corporation was a party immediately before the dissolution day; or any current legal proceeding to which the corporation was a party immediately before the dissolution day. (sec.53-ssec.4) To remove any doubt, it is declared that subsection (3) (a) does not affect the State’s obligations under the host contract.
- (a) the corporation is dissolved; and
- (b) the directors who held office immediately before the dissolution day go out of office; and
- (c) the appointments of the following persons end— (i) the chief executive officer; (ii) any other staff employed by the corporation.
- (i) the chief executive officer;
- (ii) any other staff employed by the corporation.
- (i) the chief executive officer;
- (ii) any other staff employed by the corporation.
- (a) the assets, rights, duties and liabilities of the corporation become assets, rights, duties and liabilities of the State; and
- (b) the State is substituted for the corporation as a party to— (i) any contract, lease or other instrument to which the corporation was a party immediately before the dissolution day; or (ii) any current legal proceeding to which the corporation was a party immediately before the dissolution day.