Norfolk Island Legislation Amendment Act 2015 (59 of 2015)

Schedule 2   Final arrangements etc.

Part 2   Transitional provisions

Division 3   Transfer of assets and liabilities

358   Vesting of assets of the Administration

(1) This item applies to an asset of the Administration immediately before the final transition time.

(2) Subject to subitem (3), the following provisions have effect:

(a) at the final transition time, the asset ceases to be an asset of the Administration and becomes an asset of the Norfolk Island Regional Council without any conveyance, transfer or assignment;

(b) the Norfolk Island Regional Council becomes the successor in law in relation to the asset.

(3) The transitional rules may provide that:

(a) subitem (2) does not apply to one or more specified assets; and

(b) at the final transition time, the specified assets cease to be assets of the Administration and become assets of the Commonwealth without any conveyance, transfer or assignment; and

(c) the Commonwealth becomes the successor in law in relation to the specified assets.