Clause 34

by deleting the word “All” in subsection (1) and substituting the words “Except as may be prescribed by the Minister, all”;

by inserting, immediately after subsection (1), the following subsection:“(1A) Notwithstanding 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) shall continue to be enforceable by or against the transferor undertaking and not by or against the transferee undertaking.”; and

by deleting subsection (2) and substituting the following subsection:“(2) For the purpose of subsection (1A), 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 shall be continued, or shall be enforced, by or against the transferor undertaking, as the case may be.”.