Governance Review Implementation (Treasury Portfolio Agencies) Act 2007 (74 of 2007)
Schedule 1 Amendments
Part 1 ASIC
Corporations Act 2001
26 After subsection 601AE(2)
Insert:
Obligations attaching to property vested in the Commonwealth
(2A) For the purposes of subsection (3), if any liability is imposed on property under a law of the Commonwealth immediately before the property vests in the Commonwealth under subsection 601AD(1A), then:
(a) immediately after that time, the liability applies to the Commonwealth as if the Commonwealth were a body corporate; and
(b) the Commonwealth is liable to make notional payments to discharge that liability.
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