sec.322Novation of WBWC contracts to FCRC

### sec.322 Novation of WBWC contracts to FCRC This section applies to a contract— in force immediately before the transfer day; and to which WBWC is a party. On the transfer day, the following apply despite any provision of the contract— FCRC is taken to be a party to the contract instead of WBWC; FCRC assumes WBWC’s liabilities and rights under the contract; a reference in the contract to WBWC is taken to be a reference to FCRC; changes to the contract that are necessary for, or incidental to, the matters in paragraphs (a) to (c) are taken to have been made. Subsection (2), or any thing done under it, does not— discharge or otherwise affect the contract or the performance of the contract by another party to it; or fulfil a condition allowing a person to terminate the contract or be released, wholly or partly, from the contract or a liability under it. If the advice or consent of, or giving notice to, a person would be necessary to give effect to any matter under subsection (2)— the advice is taken to have been obtained; and the consent or notice is taken to have been given. In this section— contract includes— an agreement, deed or other instrument, whether or not for consideration; but does not include a licence, permit or approval. s 322 ins 2013 SL No. 16 s 6 (sec.322-ssec.1) This section applies to a contract— in force immediately before the transfer day; and to which WBWC is a party. (sec.322-ssec.2) On the transfer day, the following apply despite any provision of the contract— FCRC is taken to be a party to the contract instead of WBWC; FCRC assumes WBWC’s liabilities and rights under the contract; a reference in the contract to WBWC is taken to be a reference to FCRC; changes to the contract that are necessary for, or incidental to, the matters in paragraphs (a) to (c) are taken to have been made. (sec.322-ssec.3) Subsection (2), or any thing done under it, does not— discharge or otherwise affect the contract or the performance of the contract by another party to it; or fulfil a condition allowing a person to terminate the contract or be released, wholly or partly, from the contract or a liability under it. (sec.322-ssec.4) If the advice or consent of, or giving notice to, a person would be necessary to give effect to any matter under subsection (2)— the advice is taken to have been obtained; and the consent or notice is taken to have been given. (sec.322-ssec.5) In this section— contract includes— an agreement, deed or other instrument, whether or not for consideration; but does not include a licence, permit or approval. - (a) in force immediately before the transfer day; and - (b) to which WBWC is a party. - (a) FCRC is taken to be a party to the contract instead of WBWC; - (b) FCRC assumes WBWC’s liabilities and rights under the contract; - (c) a reference in the contract to WBWC is taken to be a reference to FCRC; - (d) changes to the contract that are necessary for, or incidental to, the matters in paragraphs (a) to (c) are taken to have been made. - (a) discharge or otherwise affect the contract or the performance of the contract by another party to it; or - (b) fulfil a condition allowing a person to terminate the contract or be released, wholly or partly, from the contract or a liability under it. - (a) the advice is taken to have been obtained; and - (b) the consent or notice is taken to have been given. - (a) an agreement, deed or other instrument, whether or not for consideration; but - (b) does not include a licence, permit or approval.