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.