Victorian Consolidated Legislation

Melbourne Convention and Exhibition Trust Act 1996 - SECT 32

Transfer of assets and liabilities

32. Transfer of assets and liabilities



(1) The new Trust is the successor in law of the old Trust.

(2) All assets, property (including intellectual property) and rights vested
in or held by the old Trust immediately before the commencement of this
section vest, by force of this section, in the new Trust.





(3) All liabilities of the old Trust existing immediately before the
commencement of this section become, by force of this section, liabilities of
the new Trust.

(4) The new Trust is, by force of this section, substituted as a party to any
current agreement, contract, lease or other arrangement (including one
relating to the terms and conditions of employment of a person referred to in
section 17 of the Melbourne Exhibition Centre Act 1994), and to any
proceedings pending in any court or tribunal, to which the old Trust was a
party immediately before the commencement of this section.

(5) The new Trust may continue and complete any other continuing matter or
thing commenced by or against or in relation to the old Trust.

(6) The operation of subsection (4) does not confer on a party to an
agreement, contract, lease or other arrangement any right or benefit not
existing before the commencement of this section.