New South Wales Consolidated Acts

ABERDARE COUNTY COUNCIL (DISSOLUTION) ACT 1982 - SECT 11

11 Vesting of property etc

(1) Except as provided by subsection (2), on and from the prescribed 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 Council shall vest in or belong to the Company,

(b) all debts, moneys and claims, liquidated and unliquidated, that, immediately before that day, were due or payable to, or recoverable by, the Council shall be debts due and moneys payable to and claims recoverable by the Company,

(c) all suits, actions and proceedings pending immediately before that day at the suit of the Council shall be respectively suits, actions and proceedings pending at the suit of the Company and all suits, actions and proceedings so pending at the suit of any person against the Council shall be respectively suits, actions and proceedings pending at the suit of that person against the Company,

(d) all contracts, agreements, arrangements and undertakings entered into with and all securities lawfully given to or by the Council 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 Company,

(e) the Company 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 section and for the prosecution of suits, actions and proceedings so referred to as the Council might have done but for the enactment of this Act,

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

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

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

(2) Where, immediately before the prescribed day:

(a) the Council had borrowed an amount pursuant to Division 4 of Part 7 of the Local Government Act 1919 , being an amount which had not, as at that day, been repaid in full, and

(b) there existed a reserve for loan repayment in respect of the borrowing referred to in paragraph (a),

subsection (1) shall apply to and in respect of the borrowing and the reserve for loan repayment as if a reference in that subsection to the Company were a reference to the Authority.

(3) For the purposes only of this section, the Authority shall have and may exercise and perform, in relation to the borrowing referred to in subsection (2) (a) and the reserve for loan repayment referred to in subsection (2) (b), the powers, authorities, duties and functions, under Division 4 of Part 7 of the Local Government Act 1919 , of a council within the meaning of that Act.

(4) Any instrument, within the meaning of the Stamp Duties Act 1920 , executed only for:

(a) a purpose ancillary to, or consequential on, the operation of subsection (1) or (2), or

(b) the purpose of giving effect to either or both of those subsections,

is not chargeable with stamp duty.