s. 39 Division 3—Transfer of property 39 Property transferred S. 39 inserted by On the relevant date— No. 35/1998 s. 10. (a) all property and rights of the Corporation, wherever located, that are allocated under an allocation statement to a person, or any 2 or more persons, vest in that person or persons; and (b) all liabilities of the Corporation, wherever located, that are allocated under an allocation statement to a person, or to any 2 or more persons, become liabilities of that person or persons. 40 Allocation of property etc. subject to encumbrances S. 40 inserted by No. 35/1998 Unless an allocation statement under this Part s. 10. otherwise provides, where, under this Part— (a) property and rights vest in; or (b) liabilities become liabilities of— a person or 2 or more persons— (c) the property and rights so vested are subject to the encumbrances (if any) to which they were subject immediately before so vesting; and (d) the rights to which the Corporation was entitled in respect of those liabilities immediately before they ceased to be liabilities of the Corporation vest in the person or persons.
Division 3—Transfer of property S. 39 inserted by No. 35/1998 s. 10. 39 Property transferred s. 39 On the relevant date— (a) all property and rights of the Corporation, wherever located, that are allocated under an allocation statement to a person, or any 2 or more persons, vest in that person or persons; and (b) all liabilities of the Corporation, wherever located, that are allocated under an allocation statement to a person, or to any 2 or more persons, become liabilities of that person or persons. S. 40 inserted by No. 35/1998 s. 10. 40 Allocation of property etc. subject to encumbrances Unless an allocation statement under this Part otherwise provides, where, under this Part— (a) property and rights vest in; or (b) liabilities become liabilities of— a person or 2 or more persons— (c) the property and rights so vested are subject to the encumbrances (if any) to which they were subject immediately before so vesting; and (d) the rights to which the Corporation was entitled in respect of those liabilities immediately before they ceased to be liabilities of the Corporation vest in the person or persons.