7   Transfer of assets of Corporation

(1)  On the transfer day, the assets of the Corporation, the transfer of which has the consent of the Commonwealth Minister under section 20D (3) of the Commonwealth Act, are transferred to the Development Corporation.

(2)  The assets of the Corporation to which subsection (1) applies vest in the Development Corporation by virtue of this section and without the need for any conveyance, assignment or instrument of transfer.

(3)  In relation to the transfer of an asset:

(a)  an instrument relating to the asset continues to have effect after the asset vests in the Development Corporation as if a reference in the instrument to the Corporation were a reference to the Development Corporation, and

(b)  the Development Corporation becomes the successor in law of the Corporation in relation to an asset immediately after the asset vests in the Development Corporation, and

(c)  if any proceedings to which the Corporation was a party:

(i)  were pending in any court or tribunal immediately before the transfer, and

(ii)  related, in whole or in part, to the asset,

      the Development Corporation is substituted for the Corporation as a party to the proceedings to the extent to which the proceedings relate to the asset.