163Effect of transfer of engagements

163 Effect of transfer of engagements

163 Effect of transfer of engagements

(1) This section applies on a transfer of engagements under this Division taking effect.

(2) However, for a partial transfer, this section applies—

(a) subject to the terms on which the transfer takes place, and

(b) only to the extent necessary to give effect to the transfer.

(3) The transferee society is the successor of the transferor society.

(4) Without limiting subsection (3)—

(a) the members of the transferor society become members of the transferee society, and

(b) all assets, rights and liabilities of the transferor society become assets, rights and liabilities of the transferee society without any conveyance, transfer or assignment, and

(c) in all documents (including, for example, a contract to which the transferor society was a party), a reference to the transferor society is a reference to the transferee society, and

(d) a legal proceeding by or against the transferor society that is not finished when the transfer takes effect may be continued and finished by or against the transferee society, and

(e) the duties, obligations, immunities and privileges applying to the transferor society apply to the transferee society.

(5) The operation of this section is not to be regarded—

(a) as a breach of contract or confidence or otherwise as a civil wrong, or

(b) as a breach of any contractual provision prohibiting, restricting or regulating the assignment or transfer of assets, rights or liabilities, or

(c) as giving rise to any remedy by a party to a contract or instrument, or as causing or permitting the termination of any contract or instrument, because of a change in the beneficial or legal ownership of any asset, right or liability, or

(d) as an event of default under any contract or instrument.