Public Governance, Performance and Accountability (Consequential and Transitional Provisions) Act 2014 (62 of 2014)
Schedule 5 Corporate status of bodies
Part 5 Transitional provisions for bodies continuing as bodies corporate
Division 2 General transitional provisions
100 Assets and liabilities
Become assets and liabilities of the corporatised body
(1) On the commencement day, any asset that, immediately before that day, was held by a corporatised body for and on behalf of the Commonwealth, ceases to be an asset of the Commonwealth and becomes an asset of the corporatised body.
(2) On the commencement day, any asset that, immediately before that day:
(a) was held by a corporatised body; and
(b) taken to be the property of the Commonwealth;
ceases to be an asset of the Commonwealth and becomes an asset of the corporatised body.
(3) On the commencement day, any liability that, immediately before that day:
(a) was a liability of a corporatised body; and
(b) taken to be a liability of the Commonwealth;
ceases to be a liability of the Commonwealth and becomes a liability of the corporatised body.
(4) The corporatised body becomes the successor in law in relation to those assets and liabilities.
(5) To the extent that, immediately before the commencement day, an amount of money held by a corporatised body was part of the Consolidated Revenue Fund:
(a) neither subitem (1) nor (2) applies to the amount; and
(b) the Commonwealth must pay an equivalent amount to the corporatised body.
An amount payable under this subitem is to be paid out of the Consolidated Revenue Fund, which is appropriated accordingly.
Exception
(6) The Minister may, by writing, determine that:
(a) subitem (1) or (2), and subitem (4), do not apply in relation to a specified asset; or
(b) subitems (3) and (4) do not apply in relation to a specified liability.
Note: For specification by class, see subsection 33(3AB) of the Acts Interpretation Act 1901.
(7) A determination made under subitem (6) is not a legislative instrument.