17Effect of merger

17 Effect of merger

On a merger of societies under this Division taking effect—

(a) the members of the societies that are parties to the merger become members of the merged society; and

(b) the property of the societies that are parties to the merger vests in the merged society without any conveyance, transfer or assignment; and

(c) any property vested in a merged society under this section remains subject to any debt, liability or obligation affecting the property; and

S. 17(d) amended by No. 61/1997
s. 7.

(d) all debts and liabilities of the societies that are parties to the merger, are debts and liabilities of the merged society; and

S. 17(e) inserted by No. 61/1997
s. 7.

(e) in all documents (including, for example, a contract to which a society that is a party to the merger was a party), a reference to a society that was a party to the merger is a reference to the merged society.

S. 18 substituted by No. 48/1992 s. 96.