44Transfer of rights, liabilities and property to Board

44 Transfer of rights, liabilities and property to Board

44 Transfer of rights, liabilities and property to Board

(1) On and from the appointed day—

(a) all real and personal property and all right and interest therein and all management and control thereof that, immediately before that day, was vested in or belonged to the former trustees shall vest in and belong to the Board,

(b) all moneys and liquidated and unliquidated claims that, immediately before that day, were payable to or recoverable by the former trustees shall be moneys and liquidated and unliquidated claims payable to or recoverable by the Board,

(c) all proceedings commenced before that day by the former trustees and pending immediately before that day shall be deemed to be proceedings pending by the Board and all proceedings so commenced by any person against the former trustees and pending immediately before that day shall be deemed to be proceedings pending by that person against the Board,

(d) all contracts, agreements, arrangements and undertakings entered into with, and all securities lawfully given to or by, the former trustees and in force immediately before that day shall be deemed to be contracts, agreements, arrangements and undertakings entered into with and securities given to or by the Board,

(e) the Board may, in addition to pursuing any other remedies or exercising any other powers that may be available to it, pursue the same remedies for the recovery of moneys and claims referred to in this subsection and for the prosecution of proceedings so referred to as the former trustees might have done but for the enactment of this Act,

(f) the Board may enforce and realise any security or charge existing immediately before that day in favour of the former trustees and may exercise any powers thereby conferred on the body corporate as if the security or charge were a security or charge in favour of the Board,

(g) all debts, moneys and claims, liquidated and unliquidated, that, immediately before that day, were due or payable by, or recoverable against, the former trustees shall be debts due, moneys payable by and claims recoverable against, the Board, and

(h) all liquidated or unliquidated claims for which the former trustees would, but for the enactment of this Act, have been liable shall be liquidated and unliquidated claims for which the Board shall be liable.