Corporations Act 2001

CHAPTER 5D - LICENSED TRUSTEE COMPANIES  

PART 5D.6 - ASIC-APPROVED TRANSFERS OF ESTATE ASSETS AND LIABILITIES  

Division 2 - Transfer of estate assets and liabilities  

SECTION 601WBC  

601WBC   COMPLEMENTARY STATE OR TERRITORY LEGISLATION  

State or Territory legislation referred to in subparagraph 601WBA(2)(b)(iv) must include provision to ensure that, when a certificate of transfer comes into force under this Division, the receiving company is taken to be the successor in law in relation to estate assets and liabilities of the transferring company, to the extent of the transfer. In particular, the legislation must provide that:

(a) assets of the transferring company become assets of the receiving company, to the extent of the transfer; and

(b) liabilities of the transferring company become liabilities of the receiving company, to the extent of the transfer; and

(c) the duties, obligations, immunities, rights and privileges applying to the transferring company apply to the receiving company, to the extent of the transfer; and

(d) if the certificate of transfer includes provisions of a kind referred to in subsection 601WBG(3) specifying:

(i) that particular things are to happen or are taken to be the case - those things are taken to happen, or to be the case, in accordance with those provisions; or

(ii) a mechanism for determining things that are to happen or are taken to be the case - things determined in accordance with that mechanism are taken to happen, or to be the case, as determined in accordance with that mechanism.