Victorian Consolidated Legislation

House Contracts Guarantee Act 1987 - SECT 58

State to take over responsibility for guarantees

58. State to take over responsibility for guarantees



(1) On the appointed day-

   (a)  all property and rights of HGFL vest in the State; and

   (b)  all liabilities of HGFL become liabilities of the State; and

   (c)  the State becomes the successor in law of HGFL in relation to that
        property and those rights and liabilities.

(2) For the purposes of this Division, the property of HGFL includes-

   (a)  all assets of HGFL; and

   (b)  any register kept by the approved guarantor under section 25 as in
        force immediately before the appointed day.