238Abolition of VENCorp

238 Abolition of VENCorp (1) On the transition day— (a) VENCorp is abolished; and (b) any person holding office as a director of VENCorp ceases to hold office. (2) On the transition day— (a) AEMO is the successor in law of VENCorp; and (b) all rights, property and assets that were vested in VENCorp immediately before the transition day vest, by force of this section, in AEMO; and (c) all debts, liabilities and obligations of VENCorp become, by force of this section, debts, liabilities and obligations of AEMO; and (d) AEMO is, by force of this section, substituted as a party to any proceedings pending in any court or tribunal to which VENCorp was a party immediately before the transition day; and (e) AEMO is, by force of this section, substituted as a party to any arrangement or contract entered into by or on behalf of VENCorp as a party and in force immediately before the transition day; and (f) any reference to VENCorp in any Act or law or in any proclamation, Order in Council, rule, regulation, order, agreement, instrument, deed, will or other document other than a specified code or specified code provision or the current VENCorp transmission determination is, so far as it relates to any period after the transition day and if not inconsistent with the context or subject matter, construed as a reference to AEMO. S. 239 inserted by No. 23/2009 s. 34.