20Effect of transfer notice

20 Effect of transfer notice

(1)  When any assets, rights or liabilities are transferred by a transfer notice, the following provisions have effect:

(a) the assets of the transferor that are the subject of the transfer notice vest in the transferee by virtue of this section and without the need for any further conveyance, transfer, assignment or assurance;

(b) the rights or liabilities of the transferor that are the subject of the transfer notice become by virtue of this section the rights or liabilities of the transferee;

(c) a reference in any Act, in any instrument made under any Act, in any contract, agreement, arrangement or undertaking, or in any document of any kind, to –

(i) the transferor; or

(ii) any predecessor of the transferor –

to the extent to which the reference relates to the assets, rights or liabilities that are the subject of the transfer notice, is taken to be, or include, a reference to the transferee;

(d) any legal, or other, proceedings that –

(i) relate to the assets, rights or liabilities that are the subject of the transfer notice; and

(ii) are commenced before the transfer by or against the transferor or a predecessor of the transferor; and

(iii) are pending immediately before the transfer –

are taken to be proceedings pending by or against the transferee;

(e) any legal, or other, proceedings that –

(i) relate to the assets, rights or liabilities that are the subject of the transfer notice; and

(ii) could have been commenced, before the transfer, by or against the transferor or a predecessor of the transferor –

may be commenced by or against the transferee;

(f) a judgment or order of a court, or other tribunal, that –

(i) relates to the assets, rights or liabilities that are the subject of the transfer notice; and

(ii) is obtained before the transfer by or against the transferor or a predecessor of the transferor –