Any obligation or liability imposed by this Act on a participating defunct institution is taken to be imposed instead on the representative for the institution.
Note 1: An example of an obligation that may be imposed on the defunct institution is the obligation under section 54 to provide a direct personal response to a person. That obligation will be imposed instead on the representative.
Note 2: An example of a liability that may be imposed on the defunct institution is the liability under section 149 to pay funding contribution. That liability will be imposed instead on the representative.