52Transfer of assets, &c., of Board

52 Transfer of assets, &c., of Board

[Section 52 Inserted by No. 44 of 1993, s. 13 ]

(1)  On and from the commencement date –

(a) such part of the Workers' Fund as consists of contributions made by the Treasurer is repayable to the Crown; and

(b) the balance of the Workers' Fund is payable to the University of Tasmania to be held on the trusts specified in section 53 ; and

(c) all other property that, immediately before that date, was vested in or belonged to the Board vests in and belongs to the Crown and all responsibility for the management and control of that property vests in the Crown; and

(d) all money, debts and claims, liquidated or unliquidated, that, immediately before that date, were payable to, due to or recoverable by, the Board are taken to be money, debts or claims payable to, due to or recoverable by, the Crown; and

(e) all money, debts and claims, liquidated or unliquidated, that immediately before that date were payable by, due from or recoverable against the Board are taken to be money, debts or claims payable by, due from or recoverable against, the Crown; and

(f) the Crown may enforce and realize any security existing immediately before that date in favour of the Board and exercise any powers conferred on the Board pursuant to that security as if the security were a security in favour of the Crown; and

(g) all legal proceedings pending immediately before that date which were instituted by or against the Board are taken to be legal proceedings pending on that date which were instituted by or against the Crown, as the case may be; and

(h) legal proceedings which could have been instituted by the Board to enforce an obligation that was required to be performed, or a right that has accrued, before that date may be instituted by the Crown; and

(i) legal proceedings which could have been instituted by a person against the Board to enforce an obligation that was required to be performed, or a right that had accrued, before that date may be instituted by that person against the Crown; and

(j) any judgment or order of a court obtained by the Board and not executed or satisfied before that date is taken to be a judgment or order in favour of the Crown; and