147Alteration of agreements and instruments on cessation of an R&D Corporation

147 Alteration of agreements and instruments on cessation of an R&D Corporation

Where an R&D Corporation ceases to exist as a result of the repeal of regulations made for the purposes of section 8, all the agreements and instruments to which the Corporation was a party immediately before the cessation have effect, after the cessation, as if: (a) the Commonwealth were substituted for the Corporation as a party to the agreement or instrument; and (b) any reference in the agreement or instrument to the Corporation were (except in relation to matters that occurred before the cessation) a reference to the Commonwealth.