(1) The New Zealand National Airways Corporation is hereby dissolved.
(2) On the commencement of this section—
(d) all liabilities, contracts, and engagements, and all rights and authorities of any nature whatever, of the Corporation shall become liabilities, contracts, engagements, rights, and authorities of Air New Zealand Limited:
(f) every person who immediately before such commencement was an officer or employee of the Corporation shall become, without further appointment than this section, an officer or employee of Air New Zealand Limited on and subject to the same terms and conditions of employment (including those applicable to salaries and allowances) as applied to him immediately before such commencement.
(3) Subject to subsection (5), the District Land Registrar, on receiving a written request from Air New Zealand Limited under its seal, incorporating a reference to this section, shall without fee make such entries in his registers and on any outstanding documents of title and generally do all such things as may be necessary to give effect to the provisions of subsection (2) in respect of land and interests in land specified in the request.
(4) All references to the Corporation in any security or other document whatever which is subsisting immediately before the date of commencement of this section, or in any notice or other communication served, given, or sent before, on, or after that date in relation to any such security or other document shall, unless the context otherwise requires, be read as references to Air New Zealand Limited.
(5) No Registrar of Deeds or District Land Registrar or any other person charged with the keeping of any books or registers shall be obliged, solely by the provisions of this section, to change the name of the Corporation to that of Air New Zealand Limited in his books or registers or in any document in his charge; but the presentation to any such Registrar or other person of any instrument—
shall, in the absence of proof to the contrary, be sufficient evidence that the property is vested in Air New Zealand Limited.
(6) Except as provided in subsections (3) and (5), nothing in this section shall derogate from the provisions of the Land Transfer Act 1952.
(7) For the purposes of the Income Tax Act 1976, losses incurred by the Corporation shall be deemed to have been incurred by Air New Zealand Limited.
(8) The following enactments are hereby repealed:
(9) The following Orders in Council are hereby revoked: