Public Governance, Performance and Accountability (Consequential and Transitional Provisions) Act 2014 (62 of 2014)

Schedule 5   Corporate status of bodies

Part 5   Transitional provisions for bodies continuing as bodies corporate

Division 2   General transitional provisions

101   Other transfers of assets and liabilities

(1) This item applies in relation to assets and liabilities of the Commonwealth that relate to a corporatised body, other than assets or liabilities to which item 100 applies.

(2) The Minister may, in writing, make a declaration that:

(a) a specified asset or liability vests in the corporatised body at a specified time (that is on or after the commencement day); and

(b) the corporatised body becomes the successor in law in relation to that asset or liability at that specified time.

Note: For specification by class, see subsection 33(3AB) of the Acts Interpretation Act 1901.

(3) A declaration under subitem (2) has effect accordingly.

(4) A declaration under subitem (2) is not a legislative instrument.

Assets subject to trust

(5) If, at a particular time, an asset vests in the corporatised body under a declaration under subitem (2) and the asset was, immediately before that time, held by the Commonwealth on trust, that asset is taken, at and after that time, to be held by the corporatised body on trust and subject to the terms of the trust on which the asset was so held by the Commonwealth.