7Transfer of the Corporation’s assets and liabilities

7 Transfer of the Corporation’s assets and liabilities

(1) On the transfer day: (a) so much of the Corporation’s capital and reserves, wherever located, as the Minister determines in writing before that day to be necessary to provide adequate capital for the Company vest in the Company by this subsection and become the capital of the Company; and (b) so much of any other money of the Corporation as the Minister determines in writing before that day to be required for the purposes of the Company vest in the Company by this subsection; and (c) any rights of the Corporation under contracts of insurance to which the Corporation was a party immediately before that day, and the ownership of those contracts and any associated documents, vest in the Commonwealth by this subsection; and (d) the Corporation’s other assets, wherever located, vest in the Company by this subsection; and (e) if the Corporation is liable to make a payment, in respect of a period on or after the transfer day, under a contract (including a lease) under which rights vest in the Company under paragraph (d), the liability to make the payment becomes a liability of the Company; and (f) the Corporation’s other liabilities become liabilities of the Commonwealth. (2) The vesting of assets by this section has effect without the need for any conveyance, transfer, assignment or other assurance but this section does not preclude the use of any other method to transfer any of the Corporation’s assets to the Company or to the Commonwealth.