STATE TRUSTEES (STATE OWNED COMPANY) ACT 1994 - SECT 16 Preservation of existing rights

STATE TRUSTEES (STATE OWNED COMPANY) ACT 1994 - SECT 16

    (1)     Despite anything in section 15, section 14 of the State Trust Corporation of Victoria Act 1987 as in force immediately before the commencement of section 24 continues to apply to any liability of State Trustees or State Trust which arose prior to the commencement of this section as if that Act had not been repealed and the Consolidated Fund is hereby to the necessary extent to discharge that liability appropriated accordingly.

    (2)     State Trustees must maintain Common Fund No. 1 in accordance with Part 5 of the State Trust Corporation of Victoria Act 1987 as in force immediately before the commencement of section 24 as if that Act had not been repealed until all moneys in the fund at the commencement of this section have been properly applied.

    (3)     If at any time Common Fund No. 1 is insufficient to meet any proper claim on it the amount of that claim to the extent that it cannot be met from the fund must be paid out of the Consolidated Fund (which is hereby to the necessary extent appropriated accordingly).

    (4)     In this section Common Fund No. 1 has the meaning given in Part 5 of the State Trust Corporation of Victoria Act 1987 as in force immediately before the commencement of section 24.