258Transfer of rights and liabilities etc. of PTC to the Secretary on behalf of the Crown

258 Transfer of rights and liabilities etc. of PTC to the Secretary on behalf of the Crown (1) On the appointed day— (a) the offices of the Administrator of the Public Transport Corporation and the Deputy Administrator of the Public Transport Corporation are abolished and the person holding each office goes out of office; and (b) all rights, property and assets that, immediately before the appointed day were vested in the Public Transport Corporation, vest in the Secretary, on behalf of the Crown; and (c) all debts, liabilities and obligations of the Public Transport Corporation existing immediately before the appointed day, become debts, liabilities and obligations of the Secretary, on behalf of the Crown; and (d) the Secretary, on behalf of the Crown, is substituted as a party to any proceedings pending in any court or tribunal to which the Public Transport Corporation was a party immediately before the appointed day; and (e) the Secretary, on behalf of the Crown, is substituted as a party to any arrangement or contract entered into by or on behalf of the Public Transport Corporation and in force immediately before the appointed day; and (f) any reference to the Public Transport Corporation in any Act or in any proclamation, Order in Council, rule, regulation, order, agreement, instrument, deed or other document, so far as it relates to any period after the appointed day, and if not inconsistent with the context or subject-matter, must be construed as a reference to the Secretary, on behalf of the Crown. (2) Nothing effected under subsection (1) or done or suffered under subsection (1)— (a) is to be regarded as placing any person in breach of contract or confidence or as otherwise making any person guilty of a civil wrong; (b) is to be regarded as placing any person in breach of, or as constituting a default under any Act or other law or obligation or any provision in any agreement or understanding, including, but not limited to, any provision or obligation prohibiting or restricting or regulating the assignment, transfer, sale or disposal of any property or the disclosure of any information; (c) is to be regarded as fulfilling any condition that allows a person to exercise a power, right or remedy in respect of or to terminate any agreement or obligation; or (d) is to be regarded as giving rise to any remedy for a party to a contract or an instrument or as causing or permitting the termination of any contract or instrument because of a change in the beneficial or legal ownership of any asset, right or liability; or S. 259 inserted by No. 54/2001 s. 26.