281Substitution of party to agreement

281 Substitution of party to agreement If, under an allocation statement, rights and liabilities related to property of the Director under an agreement and relevant agreement rights and relevant agreement liabilities are allocated to the Secretary in accordance with a direction under section 278— (a) the Secretary becomes, on the relevant date, a party to the agreement in place of the Director; and (b) on and after the relevant date, the agreement has effect as if the Secretary had always been a party to the agreement. S. 282 inserted by No. 34/2011 s. 101.