Commentary on Sections Section 3: Transfer of property, rights, interests and liabilities
13.Subsection (1) transfers all property, rights, interests and liabilities of the Fund to EVOT.
14.Subsection (3) makes EVOT a party to any contract entered into by the Fund. This ensures that the other party or parties to any such contract are not prejudiced by the transfer of the Fund’s assets etc to EVOT, nor by the Fund’s dissolution under section 5.
15.Subsection (4) ensures that the transfer of any particular property, right, interest or liability of the Fund is not precluded or prejudiced because of the absence of any delivery, possession or intimation of assignation that would otherwise be required for such a transfer to be valid.
16.Subsection (5) ensures that the transfer of any property, right, interest or liability is not precluded or prejudiced because of the absence of a disposition, conveyance or assignation that would otherwise be required.
17.Subsection (6) ensures that any legal proceedings brought by or against the Fund at the date of transfer may be continued by or against EVOT. This ensures that any such proceedings are not frustrated because of the transfer of the Fund’s property, rights, interests and liabilities to EVOT, nor by the Fund’s dissolution under section 5.