10Transfer of assets

#### 10 Transfer of assets (1) This section provides for an asset of a restructuring body (the transferor) to become an asset of another restructuring body (the transferee). (2) The Minister may, in writing, make any or all of the following declarations in relation to the asset: (a) a declaration that the asset vests in the transferee at a specified time without any conveyance, transfer or assignment; (b) a declaration that a specified instrument relating to the asset continues to have effect after the asset vests in the transferee as if a reference in the instrument to the transferor were a reference to the transferee; (c) a declaration that the transferee becomes the transferor’s successor in law in relation to the asset immediately after the asset vests in the transferee. > Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way. (3) The declaration has effect accordingly. (4) A copy of the declaration is to be published in the Gazette within 14 days after the declaration is made. (5) A time specified under paragraph (2)(a) must be before the conversion time.