253Substitution of party to agreement

253 Substitution of party to agreement Where, under an allocation statement, the rights and liabilities of the relevant transferor under an agreement are allocated to the relevant transferee— (a) the relevant transferee becomes, on the relevant date, a party to the agreement in place of the relevant transferor; and (b) on and after the relevant date, the agreement has effect as if the relevant transferee had always been a party to the agreement. S. 254 inserted by No. 61/2011 s. 4 (as amended by No. 43/2012 s. 3(Sch. item 55)).