Section 99

Except as may be prescribed by the Minister, all deeds, bonds, agreements and other arrangements subsisting immediately prior to the date determined by the Minister under section 98(1) affecting any property, rights, obligations and liabilities transferred under that section are to continue in full force and effect on and after that date and are enforceable by or against the transferee undertaking to which the transfer was made as if instead of the transferor undertaking the transferee undertaking was named therein or had been a party thereto.

Despite subsection (1), any right, obligation or liability as may have accrued under any deed, bond, agreement or other arrangement to which subsection (1) applies prior to the date determined by the Minister under section 98(1) continues to be enforceable by or against the transferor undertaking and not by or against the transferee undertaking.

For the purpose of subsection (2), any proceedings, or any cause of action, relating to property, rights, obligations or liabilities transferred under section 98 pending or existing prior to the date determined by the Minister under section 98(1) by or against the transferor undertaking from which such property, rights, obligations or liabilities were transferred are to be continued, or are to be enforced, by or against the transferor undertaking, as the case may be.