sec.197Transfer of TransLink assets and liabilities to the State

### sec.197 Transfer of TransLink assets and liabilities to the State At the beginning of the day on the transfer day— TransLink is divested of all TransLink assets and released from all TransLink liabilities; and TransLink assets become the assets of the State; and TransLink liabilities are assumed by the State. This section does not limit or otherwise affect section 195(2)(b). In this section— TransLink asset means an asset that, immediately before the transfer day, is an asset of TransLink. TransLink liability means a liability that, immediately before the transfer day, is a liability of TransLink. s 197 ins 2012 No. 31 s 29 (sec.197-ssec.1) At the beginning of the day on the transfer day— TransLink is divested of all TransLink assets and released from all TransLink liabilities; and TransLink assets become the assets of the State; and TransLink liabilities are assumed by the State. (sec.197-ssec.2) This section does not limit or otherwise affect section 195(2)(b). (sec.197-ssec.3) In this section— TransLink asset means an asset that, immediately before the transfer day, is an asset of TransLink. TransLink liability means a liability that, immediately before the transfer day, is a liability of TransLink. - (a) TransLink is divested of all TransLink assets and released from all TransLink liabilities; and - (b) TransLink assets become the assets of the State; and - (c) TransLink liabilities are assumed by the State.