If, under an allocation statement, the rights and liabilities of the State under an agreement are allocated to the Academy—
(a) the Academy becomes, on the appointed day, a party to the agreement in place of the State; and
(b) on and after the appointed day, the agreement has effect as if the Academy had always been a party to the agreement.
S. 6.2.7 inserted by No. 32/2021 s. 9.