VICIn ForceAct
Gas Industry (Residual Provisions) Act 1994
120Assets and liabilities to vest subject to encumbrances
Start here
Get a plain-English read of 120
Turn the raw legal text into a practical explanation grounded in Gas Industry (Residual Provisions) Act 1994.
120 Assets and liabilities to vest subject to encumbrances
On the Longford assets and Longford liabilities vesting in or becoming liabilities of the transferee under section 119—
(a) the Longford assets so vested are subject to the encumbrances (if any) to which they were subject immediately before so vesting; and
(b) the rights to which GASCOR was entitled in respect of the Longford liabilities immediately before they ceased to be liabilities of GASCOR vest in the transferee.
New s. 121 inserted by No. 51/2002 s. 3.