Major Sports Facilities Act 2001
sec.74Assets and liabilities etc.
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sec.74 Assets and liabilities etc.
On the expiry of part 5— assets and liabilities of the former authority immediately before the expiry 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 expiry, are taken to have been entered into or given by or to the Authority and may be enforced against or by the Authority. 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.74-ssec.1) On the expiry of part 5— assets and liabilities of the former authority immediately before the expiry 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 expiry, are taken to have been entered into or given by or to the Authority and may be enforced against or by the Authority. (sec.74-ssec.2) 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 expiry 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 expiry, are taken to have been entered into or given by or to the Authority and may be enforced against or by the Authority.