40Allocation of property etc. subject to encumbrances

40 Allocation of property etc. subject to encumbrances Unless an allocation statement under this Part otherwise provides, where, under this Part— (a) property and rights vest in; or (b) liabilities become liabilities of— a person or 2 or more persons— (c) the property and 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 Corporation was entitled in respect of those liabilities immediately before they ceased to be liabilities of the Corporation vest in the person or persons. S. 41