14Winding up of Authority

14 Winding up of Authority

(1) Upon the commencing day: (a) the Canberra Commercial Development Authority Ordinance 1974 and the Canberra Commercial Development Authority Amendment Ordinance 1977 of the Australian Capital Territory are repealed; (b) any rights, property or assets that, immediately before that day, were vested in the Authority vest on that day, by force of this subsection, in the Commonwealth; and (c) the Commonwealth becomes, by force of this subsection, liable to pay or discharge any debts, liabilities or obligations of the Authority that existed immediately before that day. (2) Any contract to which the Authority was a party immediately before the commencing day has effect on and after that day as if: (a) the Commonwealth were substituted for the Authority as a party to the contract; and (b) any reference in the contract to the Authority were (except in relation to matters that occurred before that time) a reference to the Commonwealth. (3) If, immediately before the commencing day, proceedings to which the Authority was a party were pending in any court, the Commonwealth is, on that day, by force of this subsection, substituted for the Authority as a party to the proceedings and has the same rights in the proceedings as the party for which it is substituted.