20Trust succeeds committee

20 Trust succeeds committee

(1) On the commencement of section 8—

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

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

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

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

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

(f) any reference to the committee 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 committee, must be taken to form part of the Olympic Park Fund; and

(b) if they are assets in which the funds of the committee have been invested, must be taken to be investments of the Olympic Park Fund.

(3) On and from the commencement of section 8, any guarantee issued by the Treasurer under section 14C of the Crown Land (Reserves) Act 1978 continues in force as if the new Trust were the Committee of Management in respect of Olympic Park.