(1)  When any assets, rights or liabilities are transferred by a transfer notice, the following provisions have effect:

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

(b) the rights or liabilities of the transferor that are the subject of the transfer notice become by virtue of this section the rights or liabilities of the transferee;

(c) a reference in any Act, in any instrument made under any Act, in any contract, agreement, arrangement or undertaking, or in any document of any kind, to –

(i) the transferor; or

(ii) any predecessor of the transferor –

to the extent to which the reference relates to the assets, rights or liabilities that are the subject of the transfer notice, is taken to be, or include, a reference to the transferee;

(d) any legal, or other, proceedings that –

(i) relate to the assets, rights or liabilities that are the subject of the transfer notice; and

(ii) are commenced before the transfer by or against the transferor or a predecessor of the transferor; and

(iii) are pending immediately before the transfer –

are taken to be proceedings pending by or against the transferee;

(e) any legal, or other, proceedings that –

(i) relate to the assets, rights or liabilities that are the subject of the transfer notice; and

(ii) could have been commenced, before the transfer, by or against the transferor or a predecessor of the transferor –

may be commenced by or against the transferee;

(f) a judgment or order of a court, or other tribunal, that –

(i) relates to the assets, rights or liabilities that are the subject of the transfer notice; and

(ii) is obtained before the transfer by or against the transferor or a predecessor of the transferor –

may be enforced by or against the transferee;

(g) any document, relating to legal, or other, proceedings, that –

(i) relates to the assets, rights or liabilities that are the subject of the transfer notice; and

(ii) has been served on or by a transferor, or a predecessor of the transferor, before the transfer –

is taken, where appropriate, to have been served on or by the transferee;

(h) any act, matter or thing done or omitted to be done –

(i) in relation to the assets, rights or liabilities that are the subject of the transfer notice before the transfer; and

(ii) by, to or in respect of the transferor or a predecessor 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 transferee.

(2)  No compensation is payable to any person or body in connection with a transfer (or an amendment or revocation under section 19(6) of a transfer notice) except to the extent (if any) to which the transfer notice giving rise to the transfer, or the amendment or revocation, so provides.

(3)  State tax is not payable in respect of any document prepared to give effect to a transfer notice or an amendment or revocation under section 19(6) of a transfer notice.

(4)  A person is not entitled to –

(a) terminate or modify the operation or effect of a contract; or

(b) claim that there has been a breach of or default under a contract; or

(c) claim any remedy –

by reason only of the transfer of that contract (or rights or liabilities under that contract) under a transfer notice or an amendment or revocation under section 19(6) of a transfer notice.

(5)  A transfer notice has effect despite any other law, contract or other instrument.