Victorian Consolidated Legislation

Financial Sector Reform (Victoria) Act 1999 - SECT 40

Continuation and preservation of civil proceedings involving VicFIC

40. Continuation and preservation of civil proceedings involving VicFIC



(1) For the purposes of a proceeding commenced before the transfer date to
which VicFIC was a party immediately before that date, the State is
substituted for VicFIC as a party to the proceeding.

(2) For the purposes of a proceeding not commenced before the transfer date
and which could, if commenced after the date, be brought against VicFIC, or
but for the commencement of section 20, could have been brought against
VicFIC, the proceeding may instead be brought against the State.

(3) For the purposes of this section, evidence that would have been admissible
for or against VicFIC is admissible for or against the State.

(4) This section does not apply to a proceeding for an offence.