81Transitional—Victorian Urban Development Authority

81 Transitional—Victorian Urban Development Authority

(1) On the commencement day—

(a) the old Authority is abolished and its members go out of office; and

(b) the new Authority is the successor in law of the old Authority; and

(c) all rights, assets, liabilities and obligations of the old Authority immediately before its abolition become rights, assets, liabilities and obligations of the new Authority; and

(d) all moneys standing to the credit of the General Fund of the old Authority become moneys standing to the credit of the General Fund of the new Authority under this Act; and

(e) all moneys standing to the credit of the Project Fund of the old Authority become moneys standing to the credit of the Project Fund of the new Authority under this Act; and

(f) all moneys standing to the credit of the Docklands Fund (within the meaning of the Docklands Act 1991) of the old Authority become moneys standing to the credit of the Docklands Fund of the new Authority under that Act; and

(g) the new Authority is substituted as a party in any proceedings, contract, agreement or arrangement commenced or made by or against or in relation to the old Authority; and

(h) the new Authority may continue and complete any other continuing matter or thing commenced by or against or in relation to the old Authority.

(2) An entitlement of a member or former member of the Docklands Authority to be indemnified under section 35J of the Docklands Act 1991 in respect of anything done by the member or former member before the commencement of the Victorian Urban Development Authority Act 2003, continues to apply to that member after the commencement day as if a reference to a director of the Authority in section 35J were a reference to the member or former member.

S. 82 substituted by No. 35/2011 s. 15.