Norfolk Island Legislation Amendment Act 2015 (59 of 2015)

Schedule 1   Interim arrangements etc.

Part 2   Transitional provisions

Division 3   Transfer of assets and liabilities

186   Vesting of assets of Executive Council or Legislative Assembly

(1) This item applies to an asset of the Executive Council or Legislative Assembly immediately before the interim transition time.

(2) At the interim transition time:

(a) the asset ceases to be an asset of the Executive Council or Legislative Assembly, as the case may be, and becomes an asset of the Administration without any conveyance, transfer or assignment; and

(b) the Administration becomes the successor in law in relation to the asset.