7Assets, rights and liabilities of the former Club to vest in the incorporated Club

7 Assets, rights and liabilities of the former Club to vest in the incorporated Club

7 Assets, rights and liabilities of the former Club to vest in the incorporated Club

(1) On the date of publication of the notice referred to in section 6, the following provisions have effect:

(a) the assets of the former Club vest in the incorporated Club by force of this section and without the need for any conveyance, transfer, assignment or assurance,

(b) the rights and liabilities of the former Club become by force of this section the rights and liabilities of the incorporated Club,

(c) all legal proceedings by or on behalf of, or against, the former Club begun before, and pending immediately before, that date are taken to be legal proceedings pending by or on behalf of, or against, the incorporated Club,

(d) any thing done or omitted to be done in relation to the former Club before that date by, to or in respect of that Club is, to the extent that it continues to have effect, taken to have been done, or omitted to be done, by, to or in respect of the incorporated Club,

(e) a reference in any Act, or any document (including an instrument made under an Act), to the former Club is, subject to any regulations in force under section 9, to be read as, or as including, a reference to the incorporated Club.

(2) In this section, the assets of the former Club include any lease of the Wagga Wagga Racecourse to the chairman of the former Club that was in existence immediately before the date referred to in subsection (1).

(3) The operation of this section is not to be regarded:

(a) as a breach of contract or confidence or otherwise as a civil wrong, or

(b) as a breach of any contractual provision prohibiting, restricting or regulating the assignment or transfer of assets, rights and liabilities, or

(c) as giving rise to any remedy by a party to an instrument, or as causing or permitting the termination of any instrument, because of a change in the beneficial or legal ownership of any asset, right or liability.

(4) The operation of this section is not to be regarded as an event of default under any contract or other instrument.

(5) No attornment to the incorporated Club by a lessee or sublessee from the former Club is required.