SCHEDULE 1A - Transfer of Asse SCHEDULE 1A - Transfer of Assets, Rights and Liabilities

[Schedule 1A Inserted by No. 29 of 2008, s. 14, Applied:05 Sep 2008]

Section 10A

1.   Effect of notice of transfer

(1) A notice of transfer takes effect on the day specified in the notice.

(2) When any assets, rights or liabilities are transferred, the following provisions have effect:

(a) the assets of the transferor that are the subject of the notice of transfer vest in the transferee by virtue of this clause 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 notice of transfer become by virtue of this clause the rights or liabilities of the transferee;

(c) any legal or other proceedings relating to the assets, rights or liabilities that are the subject of the notice of transfer, commenced before the transfer by or against the transferor or a predecessor of the transferor and pending immediately before the transfer, are taken to be proceedings pending by or against the transferee;

(d) any legal or other proceedings relating to the assets, rights or liabilities that are the subject of the notice of transfer, which 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;

(e) a judgment or order of a court or other tribunal, obtained before the transfer by or against the transferor or a predecessor of the transferor relating to the assets, rights or liabilities that are the subject of the notice of transfer, may be enforced by or against the transferee;

(f) any document, relating to legal or other proceedings relating to the assets, rights or liabilities that are the subject of the notice of transfer, that has been served on or by a transferor or a predecessor of the transferor before the transfer is taken, where appropriate, to have been served on or by the transferee;

(g) any act, matter or thing done or omitted to be done in relation to the assets, rights or liabilities that are the subject of the notice of transfer before the transfer by, to or in respect of the transferor or a predecessor of the transferor is (to the extent to which that act, matter or thing has any force or effect) taken to have been done or omitted by, to or in respect of the transferee;