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

188   Vesting of assets of Ministers, members of the Legislative Assembly and members of the Executive Council

(1) This item applies to:

(a) an asset of a Minister, if the asset was held by the Minister immediately before the interim transition time in his or her capacity as a Minister; and

(b) an asset of a member of the Legislative Assembly, if the asset was held by the member of the Legislative Assembly immediately before the interim transition time in his or her capacity as a member of the Legislative Assembly; and

(c) an asset of a member of the Executive Council, if the asset was held by the member of the Executive Council immediately before the interim transition time in his or her capacity as a member of the Executive Council.

(2) At the interim transition time:

(a) the asset ceases to be an asset of the Minister, member of the Legislative Assembly or member of the Executive Council, 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.

(3) In this item:

Minister has the same meaning as in the Norfolk Island Act 1979 as in force immediately before the interim transition time.