As enactedVersion · As enacted
7. Debts due
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All debts and liabilities of the Association existing on the day immediately preceding the date of commencement of this Act shall be paid, and discharged, by the Corpora-payable sociation.
tion and all debts due to, and subscriptions and contribu-tions payable to, the Association on that day, shall be paid to the Corporation for the purposes of this Act,