Major Sports Facilities Act 2001
sec.66Assets and liabilities etc.
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sec.66 Assets and liabilities etc.
On the repeal— assets and liabilities of the former authority immediately before the repeal vest in the 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 Authority and may be enforced against or by the Authority. On and from the repeal, property that immediately before the repeal was held on trust by the former authority is vested in the 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 Authority, record the vesting of the property under this section in the Authority. (sec.66-ssec.1) On the repeal— assets and liabilities of the former authority immediately before the repeal vest in the 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 Authority and may be enforced against or by the Authority. (sec.66-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 Authority free from the trust. (sec.66-ssec.3) The registrar of titles or other person responsible for keeping a register for dealings in property must, if asked by the Authority, record the vesting of the property under this section in the Authority.
- (a) assets and liabilities of the former authority immediately before the repeal vest in the 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 Authority and may be enforced against or by the Authority.