Education (General Provisions) Act 2006
sec.440Vesting of assets, rights and liabilities of corporation sole
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sec.440 Vesting of assets, rights and liabilities of corporation sole
On the commencement— the assets, rights and liabilities of the corporation sole vest in the State; and the State is substituted for the corporation sole in all contracts to which the corporation sole is a party; and any property held by the corporation sole on trust is held by the State on the terms of the trust. Despite subsection (1)(b), the chief executive is substituted for the corporation sole in all contracts, entered into under the Education (Work Experience) Act 1996 , section 8 or 9, to which the corporation sole is a party. (sec.440-ssec.1) On the commencement— the assets, rights and liabilities of the corporation sole vest in the State; and the State is substituted for the corporation sole in all contracts to which the corporation sole is a party; and any property held by the corporation sole on trust is held by the State on the terms of the trust. (sec.440-ssec.2) Despite subsection (1)(b), the chief executive is substituted for the corporation sole in all contracts, entered into under the Education (Work Experience) Act 1996 , section 8 or 9, to which the corporation sole is a party.
- (a) the assets, rights and liabilities of the corporation sole vest in the State; and
- (b) the State is substituted for the corporation sole in all contracts to which the corporation sole is a party; and
- (c) any property held by the corporation sole on trust is held by the State on the terms of the trust.