163Transfer of property etc. from MPC to the new corporation

163 Transfer of property etc. from MPC to the new corporation (b) all rights, property and assets that, immediately before the commencement day were vested in the old corporation, vest in the new corporation; and (c) all debts, liabilities and obligations of the old corporation existing immediately before the commencement day, become debts, liabilities and obligations of the new corporation; and (d) the new corporation is substituted as a party to any proceedings pending in any court or tribunal to which the old corporation was a party, immediately before the commencement day; and (e) the new corporation is substituted as a party to any contract or arrangement entered into by or on behalf of the old corporation and in force immediately before the commencement day; and (f) any reference to the old corporation in any Act or in any proclamation, Order in Council, rule, regulation, order, agreement, instrument, deed or other document, so far as it relates to any period after the commencement day, and if not inconsistent with the context or subject matter, must be construed as a reference to the new corporation. New s. 164 inserted by No. 23/2003 s. 15.