70Winding up of defunct bodies

70 Winding up of defunct bodies

(1) On the commencement day:

(a) any rights, property or assets (including records and documents) that, immediately before that day, were vested in a defunct body vest, by force of this subsection, in the Commonwealth; and

(b) the Commonwealth becomes, by force of this subsection, liable to pay or discharge any debts, liabilities or obligations of the defunct body that existed immediately before that day.

(2) Any contract to which a defunct body was a party immediately before the commencement day has effect on and after that day as if:

(a) the Commonwealth were substituted for the defunct body as a party to the contract; and

(b) a reference in the contract to the defunct body were (except in relation to matters that occurred before that day) a reference to the Commonwealth.

(3) If, immediately before the commencement day, proceedings to which a defunct body was a party were pending in a court or tribunal, the Commonwealth is, on that day, by force of this subsection, substituted for the defunct body as a party to the proceedings and has the same rights in the proceedings as the party for which it is substituted.