Major Sports Facilities Act 2001
sec.58Assets and liabilities etc.
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sec.58 Assets and liabilities etc.
On the repeal— assets and liabilities of the former authority immediately before the repeal vest in the Redevelopment Authority; and any contracts entered into by or on behalf of the former authority and all guarantees, undertakings and securities given by or on behalf of the former authority, in force immediately before the repeal, are taken to have been entered into or given by or to the Redevelopment Authority and may be enforced against or by the Redevelopment Authority. On and from the repeal, property that immediately before the repeal was held on trust by the former authority is vested in the Redevelopment Authority free from the trust. The registrar of titles or other person responsible for keeping a register for dealings in property must, if asked by the Redevelopment Authority, record the vesting of the property under this section in the Redevelopment Authority. (sec.58-ssec.1) On the repeal— assets and liabilities of the former authority immediately before the repeal vest in the Redevelopment Authority; and any contracts entered into by or on behalf of the former authority and all guarantees, undertakings and securities given by or on behalf of the former authority, in force immediately before the repeal, are taken to have been entered into or given by or to the Redevelopment Authority and may be enforced against or by the Redevelopment Authority. (sec.58-ssec.2) On and from the repeal, property that immediately before the repeal was held on trust by the former authority is vested in the Redevelopment Authority free from the trust. (sec.58-ssec.3) The registrar of titles or other person responsible for keeping a register for dealings in property must, if asked by the Redevelopment Authority, record the vesting of the property under this section in the Redevelopment Authority.
- (a) assets and liabilities of the former authority immediately before the repeal vest in the Redevelopment Authority; and
- (b) any contracts entered into by or on behalf of the former authority and all guarantees, undertakings and securities given by or on behalf of the former authority, in force immediately before the repeal, are taken to have been entered into or given by or to the Redevelopment Authority and may be enforced against or by the Redevelopment Authority.