306Construction of instruments

306 Construction of instruments (1) Each VMIA instrument that relates to the property, rights or liabilities of the VMIA has effect and continues to have effect according to its tenor on and after the commencement date as if a reference in the instrument to the VMIA were a reference to the Authority. ***VMIA instrument*** means an instrument existing immediately before the commencement date directly relating to VMIA's domestic building insurance business— (a) to which the VMIA was a party; or (b) that was given to or in favour of the VMIA; or (c) that refers to the VMIA; or (d) under which— (i) money is, or may become, payable to or by the VMIA; or (ii) other property is to be, or may become liable to be, transferred to or by the VMIA. S. 307 inserted by No. 17/2025 s. 10.