158Allocation of property etc. subject to encumbrances

158 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 nominated by the Minister in a direction under section 155—

(c) the property and rights so vested are subject to the encumbrances (if any) to which they were subject immediately before so vesting; and

S. 158(d) amended by No. 65/1995 s. 14(46).

(d) the rights to which Melbourne Water Corporation or the company licensee was entitled in respect of those liabilities immediately before they ceased to be liabilities of Melbourne Water Corporation or the company licensee vest in the transferee.

S. 159 amended by No. 65/1995 s. 14(47).