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Liabilities and contracts.
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9.—(1) The Board shall, to the exclusion of the outgoing Board, be subject to all liabilities (other than liabilities in relation to land not vested in the Board) to which the outgoing Board was subject immediately before the transfer date.
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(2) Subsection (1) shall not apply to any statutory obligation of the outgoing Board to repay any moneys advanced in respect of anticipated losses.
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(3) All contracts, deeds, bonds, agreements and other instruments and all working arrangements subsisting immediately before the transfer date and affecting the outgoing Board (otherwise than in relation to land not vested in the Board) 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 outgoing Board, the Board had been a party thereto.
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(4) The ultimate liability of the Board for the liabilities and obligations of the outgoing Board shall be determined in accordance with the scheduled agreement.
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(5) The Board shall stand in the place of the Minister under paragraphs 1 to 6 and subparagraphs (b) and (c) of paragraph 7 of the scheduled agreement and shall be responsible, to the exclusion of the Minister, for the discharge of the liabilities assumed by the Minister under those provisions.
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(6) The Company shall stand in the place of the Minister under subparagraph (d) of paragraph 7 of the scheduled agreement and shall be responsible, to the exclusion of the Minister, for the discharge of the liabilities assumed by the Minister under that subparagraph.
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(7) Subject to subsections (1) and (2), a proceeding (including an arbitration) or cause of action pending or existing immediately before the transfer date by or against the outgoing Board shall not 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 outgoing Board if this Act had not been passed, but not further or otherwise.
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