Document ID: chunk:federal_register_of_legislation:C2004A03717:body:0:p6
Version: federal_register_of_legislation:C2004A03717
Segment Type: other
Provision Reference: 
Character Range: 13570–16182

on that date;
     (b) the Bank is on and after that date, by force of this section, liable to pay and discharge all debts, liabilities and obligations of the Corporation that existed immediately before that date under the portfolio assets in that State or Territory;
     (c) in spite of any other provision of this Act, any contract in force immediately before that date, being a contract comprising a portfolio asset in that State or Territory, has effect on and after that date as if:
          (i) the Bank were a party to the contract instead of the Corporation; and
          (ii) any reference in the contract to the Corporation were (except in relation to matters that happened before that date) a reference to the Bank; and
     (d) the Commonwealth is, by force of this section, substituted for the Corporation as a party to any proceedings pending in any court immediately before that date (being proceedings to which the Corporation was a party and that relate to a portfolio asset in that State or Territory) and has the same rights in the proceedings as the Corporation had.
"(7) The Bank is not liable to pay or discharge any liability or obligation arising out of proceedings to which the Commonwealth is substituted as a party under paragraph (6) (d).
"(8) Where a portfolio asset vests in the Bank under this section, the bank is bound by the terms and conditions of that asset and shall abide by and duly perform those terms and conditions and any obligations of the Corporation under that asset.
"(9) The provisions of this Act and the Defence Service Homes Regulations specified in Schedule 2, as those provisions were in force immediately before the commencing day, shall be taken to be terms and conditions of portfolio assets which vest in the Bank under this section and, for that purpose, those provisions shall be read as if:
     (a) references to the Corporation (other than in section 30 and subsections 35 (2a) and 36a (1) of this Act as then in force) were references to the Bank;
     (b) expressions used in those provisions that are defined in this Act as then in force had the same respective meanings as provided in those definitions; and
     (c) they were further modified as specified in Schedule 2.
"(10) A provision of a portfolio asset requiring or permitting a person to make payments under the asset at any office or to any person, other than the Corporation, shall cease to have effect when the portfolio asset vests in the Bank.

"(11) An undertaking given by a person in relation to a portfolio asset under paragraph 35 (2) (b) of this Act, as in force before the