(1) On transition
assets and rights of the former Corporation immediately before that day vest
in or become, by force of this section, the property of the State; and
liabilities of the former Corporation immediately before that day become, by
force of this section, the liabilities of the State.
(2) On and after
transition day, any proceedings or remedy that, immediately before that day,
might have been brought or continued by or available against or to the former
Corporation may be brought or continued by, and are or is available against or
to, the State.
(3) As soon as is
practicable after transition day, all papers, documents, minutes, books of
account and other records (however compiled, recorded or stored) relating to
the operations of the former Corporation are to be delivered to the Minister.
[Section 49 inserted by No. 22 of 2016