12Transfer of liabilities

#### 12 Transfer of liabilities (1) This section provides for a liability of a restructuring body (the transferor) to become a liability of another restructuring body (the transferee). (2) The Minister may, in writing, make any or all of the following declarations in relation to the liability: (a) a declaration that the liability vests in the transferee at a specified time without any conveyance, transfer or assignment; (b) a declaration that a specified instrument relating to the liability continues to have effect after the liability 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 liability immediately after the liability vests in the transferee. (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. > Note: For the purposes of this section, a liability or instrument may be specified by name, by inclusion in a specified class or in any other way.