36RTransfer of assets and liabilities of AASE

##### 36R Transfer of assets and liabilities of AASE (1) At the relevant commencement: (a) the rights, property and assets that immediately before that commencement were vested in AASE vest in the Exchange; and (b) the Exchange becomes liable to pay and discharge the debts, liabilities and obligations of AASE that existed immediately before that commencement. (2) After the relevant commencement, an agreement or arrangement entered into by or on behalf of AASE as a party and in force immediately before that commencement has effect, with such modifications as the circumstances require, as if: (a) the Exchange were substituted for AASE as a party to the agreement or arrangement; and (b) a reference to AASE in the provisions of the agreement or arrangement were, except in relation to a time before that commencement, a reference to the Exchange. (3) Where, immediately before the relevant commencement, proceedings to which AASE was a party were pending in any court or tribunal, the Exchange is substituted at that commencement for AASE as a party to the proceedings and has the same rights in the proceedings as the party for which it was substituted.