SOUTH-EAST QUEENSLAND WATER (DISTRIBUTION AND RETAIL RESTRUCTURING) ACT 2009 - SECT 92BM Novation if only 1 successor

SOUTH-EAST QUEENSLAND WATER (DISTRIBUTION AND RETAIL RESTRUCTURING) ACT 2009 - SECT 92BM

92BM Novation if only 1 successor

(1) This section applies if there is only 1 successor.

(2) The successor—

(a) becomes a party to the agreement instead of Allconnex; and

(b) assumes all of Allconnex’s rights and liabilities—

(i) under the agreement; or

(ii) that relate to an Allconnex planning matter.

(3) The agreement may be enforced by the successor as if it were Allconnex.

(4) A right or liability assumed under subsection (2) —

(a) may be discharged only by the discharging of it to the successor; and

(b) may be enforced only by the successor.