[s. 108]
In this Schedule,
unless the contrary intention appears —
former association means an incorporated
association that is a party to an amalgamation under Part 7;
incorporated association means a new body that is
incorporated under section 106.
2 . Transfer of property and liabilities and
related provisions
On the incorporation
of an association under section 106 —
(a) the
property of a former association vests, by virtue of this clause, in the
incorporated association; and
(b) the
rights and liabilities of a former association become, by virtue of this
clause, the rights and liabilities of the incorporated association; and
(c)
proceedings by or against a former association subsisting immediately before
the incorporation may be continued by or against the incorporated association;
and
(d)
proceedings that might have been brought by or against a former association
immediately before the incorporation may be commenced by or against the
incorporated association; and
(e) any
act, matter or thing done or omitted to be done before the incorporation by,
to or in respect of a former association is, to the extent to which the act,
matter or thing has any force or effect, taken to have been done or omitted
by, to or in respect of the incorporated association; and
(f) a
reference in an agreement or instrument to a former association is unless
—
(i)
the context otherwise requires; or
(ii)
the regulations otherwise provide,
to be read as, or as
including, a reference to the incorporated association.
Any property vested in
an incorporated association by clause 2 is vested subject to any trust,
restriction or obligation to which the property was subject immediately before
it became so vested.
On —
(a) the
application of an incorporated association in which any estate or interest in
land has been vested by clause 2; and
(b) the
production of such duplicate instruments of title and other documents as the
Registrar of Titles or the Registrar of Deeds and Transfers may require,
the relevant official
is to record and register the vesting in the appropriate manner.