28Winding up of Trust

28 Winding up of Trust

(1) Upon the commencing day: (a) the following Ordinances of the Australian Capital Territory are repealed: Canberra Retail Market Trust Ordinance 1971 Canberra Retail Market Trust Ordinance 1972 Canberra Retail Market Trust Ordinance 1973 Canberra Retail Market Trust Ordinance 1974 Canberra Retail Markets Ordinance 1976 Canberra Retail Markets (Amendment) Ordinance 1978 Canberra Retail Markets (Amendment) Ordinance 1980; (b) any rights, property or assets that, immediately before that day, were vested in the Trust 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 Trust that existed immediately before that day. (2) Any contract to which the Trust was a party immediately before the commencing day has effect on and after that day as if: (a) the Commonwealth were substituted for the Trust as a party to the contract; and (b) any reference in the contract to the Trust 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 Trust was a party were pending in any court, the Commonwealth is, on that day, by force of this subsection, substituted for the Trust as a party to the proceedings and has the same rights in the proceedings as the party for which it is substituted.