168Allocation of property etc. subject to encumbrances

168 Allocation of property etc. subject to encumbrances Unless an allocation statement under this Part otherwise provides, where, under this Part property and rights vest in the new corporation or liabilities become liabilities of the new corporation— (a) the property and rights so vested are subject to the encumbrances (if any) to which they were subject immediately before so vesting; and (b) the rights to which VCA was entitled in respect of those liabilities immediately before they ceased to be liabilities of VCA, vest in the new corporation. New s. 169 inserted by No. 23/2003 s. 24.