sec.702Vesting of assets, rights and liabilities

### sec.702 Vesting of assets, rights and liabilities The assets, rights and liabilities of a former water authority vest in the new entity on the changeover day. However, if a former water authority is converted to 2 or more alternative institutional structures, the assets, rights and liabilities of the authority vest, on its changeover day, in each new entity for the authority in accordance with the authority’s allocation notice. s 702 amd 2008 No. 34 s 718 (sec.702-ssec.1) The assets, rights and liabilities of a former water authority vest in the new entity on the changeover day. (sec.702-ssec.2) However, if a former water authority is converted to 2 or more alternative institutional structures, the assets, rights and liabilities of the authority vest, on its changeover day, in each new entity for the authority in accordance with the authority’s allocation notice.