New South Wales Consolidated Acts

BURNS PHILP TRUSTEE COMPANY LIMITED ACT 1990 - SECT 5

5 Transfer of property to new Trustee

(1) On the date of assent to this Act, any property vested in Burns Philp in the capacity of trustee is divested from Burns Philp and is, to the extent and in the capacity that it was so vested, vested in the new Trustee, except as provided by section 7.

(2) Property vests pursuant to this section without the need for any conveyance, transfer, assignment or assurance.

(3) The new Trustee is, in respect of the property:

(a) taken to be appointed to act in the capacity of trustee instead of Burns Philp, and

(b) entitled and obliged to exercise and discharge all rights, powers, capacities, authorities, duties, liabilities and obligations of Burns Philp in the capacity of trustee to the exclusion of Burns Philp, and

(c) to discharge the liabilities and obligations of Burns Philp in the capacity of trustee to the exclusion of Burns Philp,

except as provided by sections 7, 8 and 9.

(4) In this section, "liabilities" includes the following:

(a) present and future liabilities,

(b) certain and contingent liabilities,

(c) ascertained liabilities and liabilities for which only damages may be awarded,

(d) all claims against Burns Philp and any officer of Burns Philp (in that capacity).