19Trust succeeds old Trust

19 Trust succeeds old Trust

(1) On the commencement of section 8—

(a) the old Trust is abolished and its members go out of office; and

(b) the new Trust is the successor in law of the old Trust; and

(c) all rights, assets, liabilities and obligations of the old Trust, immediately before its abolition, become rights, assets, liabilities and obligations of the new Trust; and

(d) the new Trust is substituted for the old Trust as a party to any proceeding, contract, agreement or arrangement commenced or made by, against or in relation to the old Trust; and

(e) the new Trust may continue and complete any other continuing matter or thing commenced by, against or in relation to the old Trust; and

(f) any reference to the old Trust in—

(i) an Act other than this Act; or

(ii) a subordinate instrument within the meaning of the Interpretation of Legislation Act 1984; or

(iii) any document whatever—

must so far as it relates to any period on or after the commencement of this section, and if not inconsistent with the context or subject matter, be taken to be a reference to the new Trust.

(2) On and from the commencement of section 8, the assets that become assets of the new Trust under sub-section (1)—

(a) if they are moneys or amounts standing to the credit of any fund or account of the old Trust, must be taken to form part of the National Tennis Centre Fund; and

(b) if they are assets in which the funds of the old Trust have been invested, must be taken to be investments of the National Tennis Centre Fund.