Document ID: chunk:federal_register_of_legislation:C2004A03415:body:0:p15
Version: federal_register_of_legislation:C2004A03415
Segment Type: other
Provision Reference: 
Character Range: 37483–40192

his, her or its capacity as trustee of the trust vests in the person appointed, or in the persons appointed as joint tenants, as the case may be.
"(8) Property that immediately before the retiring trustee's discharge was vested in the retiring trustee and another person or other persons as joint tenants in their capacity as trustees of the trust vests in the person or persons appointed and the other person or other persons as joint tenants.

Transfer of assets and liabilities of AASE
"36r. (1) At the relevant commencement:
     (a) the rights, property and assets that immediately before that commencement were vested in AASE vest in the Exchange; and
     (b) the Exchange becomes liable to pay and discharge the debts, liabilities and obligations of AASE that existed immediately before that commencement.
"(2) After the relevant commencement, an agreement or arrangement entered into by or on behalf of AASE as a party and in force immediately before that commencement has effect, with such modifications as the circumstances require, as if:
     (a) the Exchange were substituted for AASE as a party to the agreement or arrangement; and
     (b) a reference to AASE in the provisions of the agreement or arrangement were, except in relation to a time before that commencement, a reference to the Exchange.
"(3) Where, immediately before the relevant commencement, proceedings to which AASE was a party were pending in any court or tribunal, the Exchange is substituted at that commencement for AASE as a party to the proceedings and has the same rights in the proceedings as the party for which it was substituted.

Transfer of AASE employees
"36s. (1) In this section, 'transferred employee' means a person who becomes an employee of the Exchange by virtue of subsection (2).
"(2) At the relevant commencement, an employee of AASE ceases to be an employee of AASE and becomes an employee of the Exchange.
"(3) A transferred employee's terms and conditions of employment as an employee of the Exchange:

     (a) are, until varied, the same as the terms and conditions on which he or she was employed as an employee of AASE immediately before the relevant commencement;
     (b) may be varied to the extent to which, and in the manner in which, the terms and conditions referred to in paragraph (a) could, immediately before that commencement, be varied; and
     (c) may also be varied to the extent to which, and in the manner in which, the general terms and conditions of persons as employees of the Exchange may be varied.
"(4) For the purposes of the application of a law, award, determination, contract or agreement in relation to the employment of a transferred employee as an employee of the