123Obligations and liabilities of the representative for a defunct institution

123  Obligations and liabilities of the representative for a defunct institution   Any obligation or liability imposed by this Act on a participating defunct institution is taken to be imposed instead on the representative for the institution. Note 1: An example of an obligation that may be imposed on the defunct institution is the obligation under section 54 to provide a direct personal response to a person. That obligation will be imposed instead on the representative. Note 2: An example of a liability that may be imposed on the defunct institution is the liability under section 149 to pay funding contribution. That liability will be imposed instead on the representative. Division 5—Participating lone institutions Subdivision A—Participating lone institutions 124  What is a participating lone institution?  (1) A participating lone institution is a participating institution that is a lone institution.  (2) An institution is a lone institution if it:  (a) is a non‑government institution; and  (b) is not a member of a participating group; and  (c) is not defunct.  (3) There are 2 types of lone institutions:  (a) a lone institution that is not a legal person (which is an unincorporated lone institution); and  (b) a lone institution that is a legal person (which is an incorporated lone institution).  (4) A participating unincorporated lone institution is a participating institution that is an unincorporated lone institution.  (5) A participating incorporated lone institution is a participating institution that is an incorporated lone institution. Subdivision B—Representatives for participating lone institutions