9Direction to transfer business undertaking

9 Direction to transfer business undertaking

9 Direction to transfer business undertaking

(1) The Minister may, by order in writing, direct that the business undertaking of the State Bank be transferred to the Corporation, upon such consideration as is specified in the order.

(2) The transfer of assets, rights and liabilities under this section is to take place at a value or values specified in the order.

(3) On the commencement of the order, the following provisions have effect (subject to the order):

(a) the assets of the State Bank comprised in its business undertaking vest in the Corporation by virtue of this section and without the need for any conveyance, transfer, assignment or assurance,

(b) the rights and liabilities of the State Bank comprised in its business undertaking become by virtue of this section the rights and liabilities of the Corporation,

(c) all proceedings relating to the business undertaking commenced before the transfer by or against the State Bank or a predecessor of the State Bank and pending immediately before the transfer are to be taken to be proceedings pending by or against the Corporation,

(d) any act, matter or thing done or omitted to be done in relation to the business undertaking before the transfer by, to or in respect of the State Bank is (to the extent that that act, matter or thing has any force or effect) to be taken to have been done or omitted by, to or in respect of the Corporation,

(e) a reference in any other Act, in any instrument made under any Act or in any document of any kind to the State Bank or a predecessor of the State Bank is, subject to regulations under section 22 (2), to be read as, or as including, a reference to the Corporation.

(4) The operation of this section is not to be regarded:

(a) as a breach of contract or confidence or otherwise as a civil wrong, or

(b) as a breach of any contractual provision prohibiting, restricting or regulating the assignment or transfer of assets, rights or liabilities, or

(c) as giving rise to any remedy by a party to an instrument, or as causing or permitting the termination of any instrument, because of a change in the beneficial or legal ownership of any asset, right or liability.