all property belonging to the Board vests in SeaFIC; and

all money payable to or by the Board (other than income tax on taxable income of the Board) becomes payable to or by SeaFIC; and

all liabilities (other than liabilities for income tax on taxable income of the Board), contracts, engagements, rights, and authorities of the Board become liabilities, contracts, engagements, rights, and authorities of SeaFIC; and

all deeds, leases, and instruments entered into by the Board become deeds, leases, and instruments entered into by SeaFIC; and

all notices and undertakings given to or by the Board become notices and undertakings given to or by SeaFIC; and

all proceedings by or against the Board may be continued, completed, or enforced by or against SeaFIC.

places the Board, SeaFIC, or any other person in breach of contract or confidence, or makes any of them liable for a civil wrong; or

entitles a person to terminate or cancel a contract or arrangement, to accelerate the performance of an obligation, or to impose a penalty or an increased charge; or

places the Board, SeaFIC, or any other person in breach of an enactment, a rule of law, or a provision of a contract that prohibits, restricts, or regulates the assignment or transfer of property or the disclosure of information; or

releases a surety from an obligation; or

invalidates or discharges a contract or surety.

the vesting of property and liabilities in SeaFIC by regulation 5 must be treated as having occurred immediately before the dissolution of the Board; and

SeaFIC must be treated as having paid to another person who is not an associated person, and the Board must be treated as having received from another person who is not an associated person, consideration for the property equal to its market value at the time of its vesting under paragraph (a).