CO-OPERATIVE HOUSING SOCIETIES ACT 1958 - SECT 17 Effect of merger

CO-OPERATIVE HOUSING SOCIETIES ACT 1958 - SECT 17

On a merger of societies under this Division taking effect—

        (a)     the members of the societies that are parties to the merger become members of the merged society; and

        (b)     the property of the societies that are parties to the merger vests in the merged society without any conveyance, transfer or assignment; and

        (c)     any property vested in a merged society under this section remains subject to any debt, liability or obligation affecting the property; and

S. 17(d) amended by No. 61/1997

s. 7.

        (d)     all debts and liabilities of the societies that are parties to the merger, are debts and liabilities of the merged society; and

S. 17(e) inserted by No. 61/1997

s. 7.

        (e)     in all documents (including, for example, a contract to which a society that is a party to the merger was a party), a reference to a society that was a party to the merger is a reference to the merged society.

S. 18 substituted by No. 48/1992 s. 96.