Document ID: chunk:federal_register_of_legislation:C2012C00437:clause:7_22
Version: federal_register_of_legislation:C2012C00437
Segment Type: clause
Provision Reference: sch 7 cl 22
Character Range: 51947–52519

22  Vesting of financial liabilities
When this Schedule commences:
 (a) any financial liabilities of, or relating to property or money held on trust by, the Institute immediately before this Schedule commences:
 (i) cease to be liabilities of, or relating to property or money held on trust by, the Institute; and
 (ii) become financial liabilities of, or relating to property or money held on trust by, the Commonwealth, without any conveyance, transfer or assignment; and
 (b) the Commonwealth becomes the Institute's successor in law in relation to those liabilities.