322Allocation of property etc. subject to encumbrances

322 Allocation of property etc. subject to encumbrances Unless an allocation statement under this Subdivision otherwise provides, if, under this Subdivision— (a) property and related rights and relevant agreement rights vest in; or (b) liabilities related to property and relevant agreement liabilities become liabilities of— the TSC in accordance with a direction under section 320— (c) the property and related rights and relevant agreement rights so vested are subject to the encumbrances (if any) to which they were subject immediately before so vesting; and (d) the rights to which the Secretary was entitled in respect of those liabilities immediately before they ceased to be liabilities of the Secretary vest in the TSC. S. 323 inserted by No. 34/2011 s. 125.