sec.44Application of transferable instruments

sec.44 Application of transferable instruments

A transferable instrument applies to TIQ in place of the State. Without limiting subsection (1) — any right, title, interest or liability of the State arising under or relating to the transferable instrument is taken to be transferred from the State to TIQ; and if the transferable instrument, including a benefit or right provided by the instrument, is given to, by or in favour of the State, the instrument is taken to have been given to, by or in favour of TIQ; and TIQ is taken to be a party to the transferable instrument in place of the State; and a reference in the transferable instrument to the State is, to the extent possible and if the context permits, taken to be a reference to TIQ; and if an application was made for the transferable instrument in the name of the State, the application is taken to have been made in the name of TIQ; and if the transferable instrument is an instrument under which an amount is or may become payable to or by the State, the instrument is taken to be an instrument under which the amount is or may become payable to or by TIQ, in the way the amount was or might have been payable to or by the State; and if the transferable instrument is an instrument under which property, other than money, is or may become liable to be transferred, conveyed or assigned to or by the State, the instrument is taken to be an instrument under which the property is or may become liable to be transferred, conveyed or assigned to or by TIQ, in the way it was or might have been liable to be transferred, conveyed or assigned to or by the State. (sec.44-ssec.1) A transferable instrument applies to TIQ in place of the State. (sec.44-ssec.2) Without limiting subsection (1) — any right, title, interest or liability of the State arising under or relating to the transferable instrument is taken to be transferred from the State to TIQ; and if the transferable instrument, including a benefit or right provided by the instrument, is given to, by or in favour of the State, the instrument is taken to have been given to, by or in favour of TIQ; and TIQ is taken to be a party to the transferable instrument in place of the State; and a reference in the transferable instrument to the State is, to the extent possible and if the context permits, taken to be a reference to TIQ; and if an application was made for the transferable instrument in the name of the State, the application is taken to have been made in the name of TIQ; and if the transferable instrument is an instrument under which an amount is or may become payable to or by the State, the instrument is taken to be an instrument under which the amount is or may become payable to or by TIQ, in the way the amount was or might have been payable to or by the State; and if the transferable instrument is an instrument under which property, other than money, is or may become liable to be transferred, conveyed or assigned to or by the State, the instrument is taken to be an instrument under which the property is or may become liable to be transferred, conveyed or assigned to or by TIQ, in the way it was or might have been liable to be transferred, conveyed or assigned to or by the State.