18Transfer of assets, rights and liabilities

#### 18 Transfer of assets, rights and liabilities 18 Transfer of assets, rights and liabilities > > (1) On the dissolution day, any assets, rights and liabilities of IAB immediately before its dissolution by this Part are transferred to the Crown. > > > (2) On and from the dissolution day, the following provisions have effect in relation to the transfer— > > > > > (a) the transferred assets vest in the Crown by virtue of this clause without the need for any further conveyance, transfer, assignment or assurance, > > > > > (b) the transferred rights and liabilities become, by virtue of this clause, the rights and liabilities of the Crown, > > > > > (c) all proceedings relating to the transferred assets, rights or liabilities commenced before the dissolution day by or against IAB pending immediately before the dissolution day are taken to be proceedings pending by or against the Crown, > > > > > (d) any act, matter or thing done or omitted to be done in relation to the transferred assets, rights or liabilities before the dissolution day by, to or in respect of IAB 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 Crown, > > > > > (e) the Crown has all the entitlements and obligations of IAB in relation to the transferred assets, rights and liabilities that IAB would have had but for the dissolution of IAB, whether or not those entitlements and obligations were actual or potential at the time the dissolution took effect.