34CSchemes in operation before commencement of Part

34C Schemes in operation before commencement of Part

(1) For the avoidance of doubt, the Treasurer may make a declaration under section 34B in respect of a scheme that is in operation before the date of commencement of this Part.

(2) A declaration referred to in subsection (1) may specify matters in relation to any of the following—

(a) the transfer or assignment of any benefits, duties, interests, rights or obligations of a party to a contract, memorandum of understanding, deed or any other agreement or arrangement entered into under the existing scheme;

(b) the date on which a transfer or assignment is to take effect.

(3) If, under a declaration, the benefits, duties, interests, rights or obligations of a party to an agreement or arrangement (the transferor party) are transferred or assigned to a new party (the transferee party)—

(a) the transferee party becomes, on the transfer date, a party to the agreement or arrangement in place of the transferor party; and

(b) on and after the transfer date, the agreement or arrangement has effect as if the transferee party had always been a party to the agreement or arrangement.

S. 34D inserted by No. 22/2021 s. 13.