16Legal proceedings

16 Legal proceedings

16 Legal proceedings

(1) This section applies to:

(a) any action, arbitration or proceeding or cause of action, arbitration or proceeding which is on the appointed day pending or existing by, against, or in favour of, CAB in respect of any part of the undertaking of CAB, and

(b) any cause of action, arbitration or proceeding by, against, or in favour of, CAB which arises after the appointed day in respect of an agreement, arrangement or understanding entered into by CAB before the appointed day, or which arises in respect of anything done or omitted to be done by CAB before the appointed day, in respect of any part of the undertaking of CAB.

(2) Any action, arbitration or proceeding and any cause of action, arbitration or proceeding to which this section applies, is not abated or discontinued or in any way prejudicially affected because of this Act. It may, without any further act, deed or instrument other than any appropriate amendment of the records of the relevant court or tribunal, be prosecuted and continued and enforced by, against, or in favour of, ABA, in its own name as and when it might have been prosecuted, continued and enforced by, against, or in favour of, CAB if this Act had not been enacted.

(3) Despite subsection (2), the court, tribunal or other person making or entering any judgment, order or award for the payment of any sum of money, whether ascertained or to be ascertained, against ABA in any action, arbitration or proceeding to which this section applies must, at the request of any party in whose favour the judgment, order or award is being made or entered, make or enter the judgment, order or award against both CAB and ABA, and the judgment, order or award may, when so made or entered, be enforced against both CAB and ABA.