New South Wales Consolidated Acts

PARENTS AND CITIZENS ASSOCIATIONS INCORPORATION ACT 1976 - SECT 12

12 Transfer of assets and liabilities

(1) Where the Minister publishes a notice under section 3 (2) and, immediately before publication of the notice, any real or personal property was held for or on behalf of the Federation by trustees appointed by the executive council of the Federation, or was under the management or control of any person for the purposes of the Federation, the publication of the notice:

(a) authorises those trustees to vest the property in the corporation freed and discharged from the trusts upon which they held it,

(b) vests that management and control in the corporation.

(2) Where the Minister publishes a notice under section 3 (2), a reference to the Federation in any deed, will or other instrument (this Act excepted) that has or takes effect on or after the day of publication of the notice shall be construed as a reference to the corporation.

(3) Where the Minister publishes a notice under section 3 (2):

(a) any money or liquidated or unliquidated claim that, immediately before the publication of the notice, was payable to, or recoverable by, the Federation becomes money payable to, or a claim recoverable by, the corporation,

(b) any debt due or money payable by, and any claim, liquidated or unliquidated, recoverable against, the Federation or any person for or on behalf of the Federation (being a debt, money or a claim due, payable or recoverable immediately before the publication of the notice) becomes a debt due or money payable by, or a claim recoverable against, the corporation,

(c) any proceeding that, immediately before the publication of the notice, was pending at the suit or on the application of the Federation or any person for or on behalf of the Federation becomes a proceeding pending at the suit or on the application of the corporation,

(d) any contract, agreement or undertaking entered into with, and any security given to or by any person for or on behalf of, the Federation and in force immediately before the publication of the notice becomes a contract, agreement or undertaking entered into with, and a security given to or by, the corporation, and

(e) the corporation may enforce and realise any security or charge in favour of the Federation, or any person for or on behalf of the Federation, as if it were a security or charge in favour of the corporation.