41 (1) If the Minister makes an order under section 40, (a) the transfer recipient assumes the operations, activities and affairs of the transferor, as of the date of the transfer; and (b) the assets, liabilities, rights and obligations of the transferor that are provided for in the order, including contractual rights, interests, approvals, registrations and entitlements, that exist immediately before the transfer date continue as the assets, liabilities, rights and obligations of the transfer recipient and are transferred to the transfer recipient. Convictions, rulings etc. (2) Where a transfer involves transferring the assets, liabilities, rights and obligations of a transferor to a transfer recipient, a conviction against, or ruling, order or judgment in favour of or against a transferor may be enforced by or against the transfer recipient. Civil actions, etc. (3) Where a transfer involves transferring the assets, liabilities, rights and obligations of a transferor to a transfer recipient, the transfer recipient shall be deemed to be the party plaintiff or the party defendant, as the case may be, in any civil action commenced by or against a transferor before the date of the transfer. No change of control (4) A transfer shall not constitute a change of control of the transferor in respect of any asset, liability, right or obligation of the transferor affected by the transfer. No breach, etc. (5) A transfer is deemed not to, (a) constitute a breach, termination, repudiation or frustration of any agreement, including a contract of employment or insurance or a collective agreement; (b) constitute a breach of any Act, regulation or municipal by-law; (c) constitute an event of default or force majeure; (d) give rise to a breach, termination, repudiation or frustration of any licence, permit or other right; (e) give rise to any right to terminate or repudiate an agreement, licence, permit or other right; or (f) give rise to any estoppel. No new cause of action (6) A transfer does not create any new cause of action in favour of, (a) a holder of a debt instrument that was issued by a transferor before the transfer; or (b) a party to an agreement with a transferor that was entered into before the transfer. Transfer binding (7) Despite any other Act that requires notice or registration of a transfer, a transfer is binding on the transfer recipient and all other persons. Non-application of other Acts (8) The Land Transfer Tax Act
and the Retail Sales Tax Act do not apply to the transfer. Transfer of property held for specified charitable purpose (9) If a Minister’s order transfers to a transfer recipient property that a transferor holds for a specified charitable purpose, the transfer recipient shall use it for the specified charitable purpose. Application (10) Subsection (9) applies whether the will, deed or other document by which the gift, trust, bequest, devise or grant is made is executed before or after this section comes into force. Regulations (11) The Lieutenant Governor in Council may make regulations, (a) prescribing agreements to which subsections (5) and (6) do not apply; (b) prescribing Acts, in addition to those listed in subsection (8), that do not apply to the transfer.