38BTransfer of assets and liabilities

#### 38B Transfer of assets and liabilities (1) On the commencing day: (a) all insurance rights that immediately before that day were vested in the Corporation, vest in the Commonwealth by force of this subsection; and (b) the Commonwealth becomes, by force of this subsection, liable to pay or discharge any insurance debts of the Corporation that existed immediately before that day. (2) Any insurance contract to which the Corporation was a party immediately before the commencing day has effect on and after that day as if: (a) the Commonwealth were substituted for the Corporation as a party to the contract; and (b) any reference in the contract to the Corporation were (except in relation to things that happened before that day) a reference to the Commonwealth. (3) If, immediately before the commencing day, insurance proceedings to which the Corporation was a party were pending in any court, the Commonwealth is, on that day, by force of this subsection, substituted for the Corporation as a party to the proceedings and has the same rights in the proceedings as the Corporation had. (4) In this section: > Corporation insurance means an insurance undertaken by the Corporation, or that the Corporation is to be taken to have undertaken, under this Act as in force at any time before the commencing day. > Insurance contract means: (a) a contract relating to any Corporation insurance; (b) a concessions agreement of the kind referred to in subsection 38(4C) or 38(4D) of this Act as in force at any time before the commencing day; or (c) a contract or arrangement of the kind referred to in section 38A of this Act as then in force. > Insurance debts means any debts, liabilities or obligations arising out of, or relating to, any Corporation insurance. > Insurance proceedings means any proceedings relating to any Corporation insurance. > Insurance rights means any rights, property or assets arising out of, or relating to, any Corporation insurance or insurance contract.