Document ID: chunk:federal_register_of_legislation:C2016C00418:clause:5_56
Version: federal_register_of_legislation:C2016C00418
Segment Type: clause
Provision Reference: sch 5 cl 56
Character Range: 101726–102621

56  Assets and liabilities
(1) On the commencement day, the assets and liabilities of a decorporatised body cease to be assets and liabilities of the body and become assets and liabilities of the Commonwealth.
(2) The Commonwealth becomes the successor in law in relation to those assets and liabilities.
(3) If an instrument in force immediately before the commencement day:
 (a) contains a reference to a decorporatised body; and
 (b) relates to an asset or liability of the body that, under this item, becomes an asset or liability of the Commonwealth;
the instrument has effect on and after that day as if the reference were a reference to the Commonwealth.
(4) Subitem (3) does not apply to an instrument that is part of, or associated with a register referred to in item 58.
(5) Subitem (3) does not, by implication, prevent the instrument from being varied or terminated after that day.