sec.53CKDealing with assets and liabilities on dissolution

sec.53CK Dealing with assets and liabilities on dissolution

On the dissolution day under section 53CJ — the authority 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 authority. On the dissolution day, the State becomes the successor in law of the authority. Without limiting subsection (2) , on the dissolution day— the assets, rights, duties and liabilities of the authority become assets, rights, duties and liabilities of the State; and the State is substituted for the authority as a party to— any contract, lease or other instrument to which the authority was a party immediately before the dissolution day; or any current legal proceeding to which the authority 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. s 53CK ins 2024 No. 29 s 20 (sec.53CK-ssec.1) On the dissolution day under section 53CJ — the authority 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 authority. (sec.53CK-ssec.2) On the dissolution day, the State becomes the successor in law of the authority. (sec.53CK-ssec.3) Without limiting subsection (2) , on the dissolution day— the assets, rights, duties and liabilities of the authority become assets, rights, duties and liabilities of the State; and the State is substituted for the authority as a party to— any contract, lease or other instrument to which the authority was a party immediately before the dissolution day; or any current legal proceeding to which the authority was a party immediately before the dissolution day. (sec.53CK-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 authority 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 authority.
• (i) the chief executive officer;
• (ii) any other staff employed by the authority.
• (i) the chief executive officer;
• (ii) any other staff employed by the authority.
• (a) the assets, rights, duties and liabilities of the authority become assets, rights, duties and liabilities of the State; and
• (b) the State is substituted for the authority as a party to— (i) any contract, lease or other instrument to which the authority was a party immediately before the dissolution day; or (ii) any current legal proceeding to which the authority was a party immediately before the dissolution day.