Document ID: chunk:federal_register_of_legislation:C2004C00235:section:6
Version: federal_register_of_legislation:C2004C00235
Segment Type: section
Provision Reference: s 6
Character Range: 4314–5019

6  Transfer of assets and liabilities

 (1) Subject to subsection (2), upon the commencing date, by force of this section, the Papua New Guinea assets and liabilities of the Reserve Bank cease to be assets and liabilities of the Reserve Bank and become assets and liabilities of the Bank of Papua New Guinea.

 (2) Where the total amount of the assets transferred by subsection (1) is greater or less than the total amount of the liabilities so transferred, the amount of the difference shall be settled between the Reserve Bank and the Bank of Papua New Guinea on such terms and conditions as are agreed between the Treasurer and the appropriate Minister of the House of Assembly for Papua New Guinea.