18Effect of transfer of engagements

18 Effect of transfer of engagements

On a transfer of engagements under this Division taking effect, the following provisions apply to the extent necessary to give effect to the transfer—

(a) persons who were members of a transferor society immediately before the transfer of engagements took effect are members of the transferee society in accordance with its rules;

(b) property of a transferor society that was such immediately before the transfer took effect vests in the transferee society without any conveyance, transfer or assignment;

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

(d) the debts and liabilities of a transferor society immediately before the transfer of engagements took effect are debts and liabilities of the transferee society;

S. 18(e) inserted by No. 61/1997
s. 8.

(e) 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.

S. 18A inserted by No. 61/1997
s. 9.