Infrastructure Australia Amendment Act 2014 (77 of 2014)

Schedule 2   Transitional and savings provisions

Part 2   Transfer of certain assets and liabilities

2   Transfer of certain Commonwealth assets

(1) This item applies to an asset of the Commonwealth that, immediately before the transition time, was being held or used by the Department in connection with the performance of a function of the old Infrastructure Australia or the Infrastructure Coordinator.

(2) The Minister may, by legislative instrument, declare that a specified asset ceases to be an asset of the Commonwealth and becomes an asset of Infrastructure Australia, at the specified time, without any conveyance, transfer or assignment.

(3) If the Minister does so, Infrastructure Australia becomes the successor in law in relation to the specified asset at the specified time.

(4) This item does not prevent the Commonwealth from transferring an asset to Infrastructure Australia otherwise than under this item.