New Zealand Legislation: Acts

340 Existing rights, assets, liabilities, and debts

• (1) Subject to subsection (2), on the incorporation of the company,—

  • (a) all rights and assets of the Crown,—

    • (i) including rights under the Ministry's leases of premises then occupied by the learning media section of the Ministry; but

    • (ii) otherwise excluding interests in land,—

    formerly exercisable or used, exclusively or substantially, by the learning media section of the Ministry shall become rights and assets of the company; and

  • (b) all liabilities and debts of the Crown contracted in relation to, or in relation to activities exclusively or substantially carried on by, the learning media section of the Ministry shall become liabilities and debts of the company.

  (2) All patents, trademarks, designs, copyright, and other intellectual property of the Crown (whether enforceable under any enactment or by law) formerly exercisable or used, exclusively or substantially, by the learning media section of the Ministry, all rights exercisable by the Crown in respect of any such intellectual property, and all liabilities of the Crown contracted in relation to any such intellectual property, shall remain assets, rights, and liabilities of the Crown.

  Section 340: added, on 25 June 1993, by section 27 of the Education Amendment Act 1993 (1993 No 51).