Section 37

the assets of the transferor that are the subject of the transfer vest in the Corporation by virtue of this section and without the need for any further conveyance, transfer, assignment or assurance; (b)the liabilities of the transferor that are the subject of the transfer become by virtue of this section the liabilities of the Corporation;

all legal or other proceedings relating to those assets or liabilities that are started before the transfer date by or against the transferor and pending immediately before that date are taken to be proceedings pending by or against the Corporation;

any legal or other proceedings relating to those assets or liabilities which could have been started immediately before the transfer date by or against the transferor may be started by or against the Corporation;

a judgment or order of a court or other tribunal obtained before the transfer date by or against the transferor relating to those assets or liabilities may be enforced by or against the Corporation;

any document relating to legal or other proceedings relating to those assets or liabilities, that has been served on or by the transferor before the transfer date, is taken (where appropriate) to have been served on or by the Corporation;

any act, matter or thing done or omitted to be done before the transfer date in relation to those assets or liabilities by, to or in respect of the transferor is (to the extent to which that act, matter or thing has any force or effect) taken to have been done or omitted by, to or in respect of the Corporation;

a reference in any written law, in any instrument made under any Act, in any contract, agreement, arrangement or undertaking, or in any document of any kind to the transferor, as regards anything falling to be done or capable of being done on or after the transfer date and to the extent to which the reference relates to those assets or liabilities, is taken to be, or includes, a reference to the Corporation;

a reference in any written law, in any instrument made under any Act, in any contract, agreement, arrangement or undertaking, or in any document of any kind to an officer of the transferor, as regards anything falling to be done or capable of being done on or after the transfer date and to the extent to which the reference relates to those assets or liabilities, is taken to be, or includes, a reference to an officer of the Corporation whom the Corporation appoints for that purpose.

all security deposits deposited with the transferor in relation to any assets or liabilities transferred under subsection (1) and not forfeited before the transfer date; and

the benefits of all indemnities, guarantees or warranties given to the transferor in relation to any assets or liabilities transferred under subsection (1) and not discharged before that date,are, without further assurance, transferred and deemed deposited with or given to the Corporation.

constitute a breach of, or default under, an Act or other law or otherwise a civil wrong or criminal wrong;

constitute a breach of duty of confidence (whether arising by contract, in equity, by custom, or in any other way);

constitute a breach of any contractual provision prohibiting, restricting or regulating the assignment or transfer of assets or liabilities or the disclosure of any information;

terminate an agreement or fulfil any condition that allows a person to terminate any agreement or obligation, or give rise to any right or remedy in respect of any agreement or obligation;

cause any contract or instrument to be void or otherwise unenforceable;

frustrate any contract or release any surety or other obligor wholly or in part from any obligation;

release a surety or other obligee wholly or in part from an obligation; or

constitute an event of breach of, or default under, any contract or other instrument.