112Assets and liabilities

112 Assets and liabilities

(1) From the commencement day, any pharmacy-related assets, and liabilities of the old Board are taken to be assets and liabilities of the Victorian Pharmacy Authority and are to be paid into or out of the Fund.

(2) From the commencement day, any pharmacy-related contract entered into by or on behalf of the old Board is taken to have been entered into by the Victorian Pharmacy Authority.

(3) From the commencement day, any pharmacy-related property that, immediately before the commencement day was held on trust, or subject to a condition, by the old Board, continues to be held by the Victorian Pharmacy Authority on the same trust, or subject to the same condition and is to be paid into the Fund.