sec.56Assets and liabilities

### sec.56 Assets and liabilities On the commencement, the assets and liabilities of the former Trust immediately before the commencement become the assets and liabilities of the council. Without limiting subsection (1), on the commencement, any property (including any gift or bequest of property) that, immediately before the commencement, was held on trust, or subject to a condition, by the former Trust continues to be held on the same trust, or subject to the same condition, by the council. (sec.56-ssec.1) On the commencement, the assets and liabilities of the former Trust immediately before the commencement become the assets and liabilities of the council. (sec.56-ssec.2) Without limiting subsection (1), on the commencement, any property (including any gift or bequest of property) that, immediately before the commencement, was held on trust, or subject to a condition, by the former Trust continues to be held on the same trust, or subject to the same condition, by the council.