49Proceedings

49 Proceedings

Unless an allocation statement otherwise provides, if, immediately before the relevant date, proceedings relating to former PTC property or former rail corporation property (including arbitration proceedings) to which a transferor was a party were pending or existing in any court or tribunal, then, on and after that date, the transferee is substituted for the transferor as a party to the proceedings and has the same rights in the proceedings as the transferor had.

S. 50 amended by No. 104/1997 s. 16(4).