|
|
Transfer of undertaking other than land.
|
8.—(1) On the establishment date the whole of the undertaking of the Company (other than the land of the Company) including all property, assets, powers, rights, licences and privileges held or enjoyed in connection therewith or appertaining thereto shall by virtue of this section be transferred to the Board.
|
|
| |
(2) Subject to the provisions of this Act the Board may exercise and enforce all rights, powers and privileges, other than powers of raising money, which were, immediately before the establishment date, vested in the Company.
|
|
| |
(3) Subject to the provisions of this Act the Board shall, to the exclusion of the Company, be subject to all liabilities, whether arising by statute or otherwise, to which the Company was subject immediately before the establishment date.
|
|
| |
(4) The Board shall not be subject to any liability in respect of any security of the Company for which compensation is payable under this Act, or in respect of any agreement for the rendering to the Company of personal services as a director.
|
|
| |
(5) The Company shall, at the request of the Board, execute all such instruments and do all such acts as may be necessary to enable the Board to have effectively transferred into its name any property or assets vested in the Board by virtue of this section.
|
|
| |
(6) No proceeding (including an arbitration) or cause of action pending or existing immediately before the establishment date by or against the Company shall abate, be discontinued or be in any way prejudicially affected by reason of anything in this Act, but the proceeding or cause of action may be continued and enforced by or against the Board as it might have been by or against the Company if this Act had not been passed, but not further or otherwise.
|
|
| |
(7) Subject to the provisions of this Act, all contracts, deeds, bonds, agreements (other than agreements for the rendering to the Company of personal services as a director) and other instruments and all working arrangements subsisting immediately before the establishment date and affecting the Company shall be of as full force and effect against or in favour of the Board and may be enforced as fully and effectually as if, instead of the Company, the Board had been a party thereto.
|
