13   Transfer to corporation of assets and liabilities of association

Upon the publication, pursuant to section 3 (2), of a notification relating to an association:

(a)  there becomes vested in the corporation that corresponds to that association:

(i)  any real or personal property that, immediately before the publication of the notification, was vested in the association,

(ii)  any right or interest in real or personal property that, immediately before that publication, was a right or interest so vested, and

(iii)  the management and control of any real or personal property that, immediately before that publication, was under its management or control,

(b)  any moneys and liquidated or unliquidated claims that, immediately before publication of the notification, were payable to, or recoverable by, that association become moneys payable to, or claims recoverable by, the corporation that corresponds to that association,

(c)  any debts due and moneys payable by, and any claims, liquidated or unliquidated, recoverable against, that association or any person for or on behalf of that association (being debts, moneys and claims due, payable or recoverable immediately before publication of the notification) become debts due and moneys payable by, and claims recoverable against, the corporation that corresponds to that association,

(d)  any proceedings that, immediately before publication of the notification, were pending at the suit or on the application of that association or any person for or on behalf of that association become proceedings pending at the suit or on the application of the corporation that corresponds to that association,

(e)  any contract, agreement or undertaking entered into with, and any security given to or by any person for or on behalf of, that association and in force immediately before publication of the notification becomes a contract, agreement or undertaking entered into with, and a security given to or by, the corporation that corresponds to that association, and

(f)  the corporation that corresponds to that association may enforce and realise any security or charge in favour of that association, or any person for or on behalf of that association, as if it were a security or charge in favour of the corporation.