Western Australian Numbered Acts Western Australian Numbered Acts (1) Without limiting
section 11(1)(d)(i), property is vested under statute law if the law
vests the property in an entity that the law states is the successor in law
of, continuation of or same entity as, the entity in which the property was
previously vested.
(2) However, property
is not vested under statute law on the registration of a company under the
Corporations Act Chapter 5B Part 5B.
(3) The merger of a
corporation ("company A") with and
into another corporation ("company B") in circumstances where neither
subsection (4) nor subsection (5) applies is taken to be a vesting
of the property in Western Australia of company A in company B by statute law.
(4) A merger of
corporations (the "merging corporations” ) in circumstances where
another corporation
("company C") results as a consequence of the merger is taken to be a vesting
of the property in Western Australia of the merging corporations in company C
by statute law.
(5) A merger of
corporations (the "merging corporations” ) with and into each other in
circumstances where each of the merging corporations continues in existence is
taken to be a vesting in the merging corporations, jointly, of 50% (in value)
of the property in Western Australia of the merging corporations by statute
law.