7Transfer to corporation of certain assets and liabilities

7 Transfer to corporation of certain assets and liabilities

7 Transfer to corporation of certain assets and liabilities

At the commencement of this Act:

(a) any moneys and liquidated or unliquidated claims that, immediately before that commencement, were payable to or recoverable by the association or by any person on behalf of the association become moneys payable to, or claims recoverable by, the corporation,

(b) any debts due and moneys payable by, and any claims, liquidated or unliquidated, recoverable against, the association, or any person on behalf of the association (being debts, moneys and claims due, payable or recoverable immediately before that commencement) become debts due and moneys payable by, and claims recoverable against, the corporation,

(c) any proceedings that, immediately before that commencement, were pending at the suit or on the application of the association or any person on behalf of the association become proceedings pending at the suit or on the application of the corporation,

(d) any contract, agreement or undertaking entered into with, and any security given to or by any person on behalf of, the association and in force immediately before that commencement becomes a contract, agreement or undertaking entered into with, and a security given to or by, the corporation, and

(e) the corporation may enforce and realise any security or charge in favour of the association, or any person on behalf of the association, as if it were a security or charge in favour of the corporation.