CO-OPERATIVE HOUSING SOCIETIES ACT 1958 - SECT 18 Effect of transfer of engagements

CO-OPERATIVE HOUSING SOCIETIES ACT 1958 - SECT 18

On a transfer of engagements under this Division taking effect, the following provisions apply to the extent necessary to give effect to the transfer—

        (a)     persons who were members of a transferor society immediately before the transfer of engagements took effect are members of the transferee society in accordance with its rules;

        (b)     property of a transferor society that was such immediately before the transfer took effect vests in the transferee society without any conveyance, transfer or assignment;

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

        (d)     the debts and liabilities of a transferor society immediately before the transfer of engagements took effect are debts and liabilities of the transferee society;

S. 18(e) inserted by No. 61/1997

s. 8.

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

S. 18A inserted by No. 61/1997

s. 9.