27Provisions relating to transfers of assets, rights and liabilities

27 Provisions relating to transfers of assets, rights and liabilities

27 Provisions relating to transfers of assets, rights and liabilities

(1) In this section, the statutory body from which any assets, rights or liabilities are transferred is called the transferor and the body to which they are transferred is the transferee.

(2) When any assets, rights or liabilities are transferred pursuant to Parts 2–6 of this Act, the following provisions have effect:

(a) the assets of the transferor vest in the transferee by virtue of this section and without the need for any further conveyance, transfer, assignment or assurance,

(b) the rights or liabilities of the transferor become, by virtue of this section, the rights or liabilities of the transferee,

(c) all proceedings relating to the assets, rights or liabilities commenced before the transfer by or against the transferor or a predecessor of the transferor and pending immediately before the transfer are taken to be proceedings pending by or against the transferee,

(d) any act, matter or thing done or omitted to be done in relation to the assets, rights or liabilities before the transfer by, to or in respect of the transferor or a predecessor 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,

(e) the transferee has all the entitlements and obligations of the transferor in relation to those assets, rights and liabilities that the transferor would have had but for the transfer, whether or not those entitlements and obligations were actual or potential at the time of the transfer.

(3) The operation of this Act 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, or

(d) as an event of default under any contract or other instrument.