Document ID: chunk:federal_register_of_legislation:C2004A03717:body:0:p5
Version: federal_register_of_legislation:C2004A03717
Segment Type: other
Provision Reference: 
Character Range: 11139–13809

executed on 9 November 1988, and its execution on behalf of the Commonwealth, are approved.

Compensation for acquisition of property
"4c. (1) If, apart from this section, the operation of this Act would result in the acquisition of property from a person otherwise than on just terms, there is payable to the person by the Commonwealth such reasonable amount of compensation as is agreed between the person and the Commonwealth or, failing agreement, as is determined by the Federal Court.
"(2) In this section, 'acquisition of property' and 'just terms' have the same respective meanings as in paragraph 51 (xxxi) of the Constitution.".

Delegation by Secretary
8. Section 6a of the Principal Act is amended by omitting from subsection (1) "section 5b" and substituting "this Act (except this power of delegation) and any powers that the Secretary exercises on behalf of the Commonwealth under Part VI".
9. After section 6a of the Principal Act the following sections are inserted:

Transfer of portfolio assets to the Bank
"6b. (1) Where a date in relation to the portfolio assets in a State or Territory has been notified in writing by the Bank to the Corporation and the Commonwealth in accordance with the agreement, the Minister shall determine the vesting date in relation to the portfolio assets in that State or Territory.
"(2) The Minister may determine a vesting date in relation to the portfolio assets in a State or Territory that is different from the date notified by the Bank but shall not determine a vesting date that is earlier than 3 days before the date notified by the Bank or later than 3 days after that date.
"(3) Where the Minister determines a vesting date, the Minister shall forthwith notify the Bank in writing of the determination.
"(4) A notice to the Bank shall not be taken, for any purpose, to be the making of the determination to which it relates.
"(5) The Minister may refuse to determine a vesting date, or may revoke any such determination, in accordance with the agreement.
"(6) Subject to this section, where the Minister determines a vesting date in relation to the portfolio assets in a State or Territory, then, unless that determination is revoked before that date:
     (a) all rights, title and interest of the Corporation in the portfolio assets in that State or Territory as in force immediately before that date

    vest, by force of this section but not otherwise, in the Bank on that date;
     (b) the Bank is on and after that date, by force of this section, liable to pay and discharge all debts, liabilities and obligations of the Corporation that existed immediately before that date under the portfolio assets