Sydney Market Authority (Dissolution) Act 1997
17Vesting of undertaking in transferee
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17 Vesting of undertaking in transferee
17 Vesting of undertaking in transferee
When any assets, rights or liabilities are transferred by an order to which this Division applies, the following provisions have effect (subject to the order directing the transfer):
(a) the assets vest in the transferee by virtue of this section and without the need for any conveyance, transfer, assignment or assurance,
(b) the rights and liabilities become, by virtue of this section, the rights and liabilities of the transferee,
(c) all proceedings relating to the assets, rights or liabilities pending by or against the transferor are taken to be proceedings pending by or against the transferee,
(d) any act, matter or thing done or omitted in relation to the assets, rights or liabilities by, to or in respect of the transferor is (to the extent to which that act, matter or thing has any force or effect) taken to have been done or omitted by, to or in respect of the transferee.