Document ID: chunk:federal_register_of_legislation:C2014C00390:clause:1_3
Version: federal_register_of_legislation:C2014C00390
Segment Type: clause
Provision Reference: sch 1 cl 3
Character Range: 64442–65823

3  Vesting of undertaking in transferee
  When any assets or liabilities are transferred by a transfer instrument to which this Schedule applies, the following provisions have effect (subject to the transfer instrument):
 (a) those assets of the transferor vest in the transferee by this Schedule and without the need for any conveyance, transfer, assignment or assurance;
 (b) those liabilities of the transferor become by this Schedule the liabilities of the transferee;
 (c) all proceedings relating to those assets or liabilities begun before the transfer by or against the transferor or a predecessor of the transferor and pending immediately before the transfer are taken to be proceedings pending by or against the transferee;
 (d) any act, matter or thing done or omitted to be done in relation to those assets or liabilities before the transfer by, to or in respect of the transferor is (to the extent that that act, matter or thing has any effect) taken to have been done or omitted by, to or in respect of the transferee;
 (e) a reference in any Act, in any instrument made under any Act or in any document of any kind to the transferor or a predecessor of the transferor is (to the extent that it relates to those assets or liabilities but subject to the regulations or other provisions under Schedule 2) to be read as, or as including, a reference to the transferee.