Document ID: chunk:federal_register_of_legislation:C2004A01262:clause:1_74
Version: federal_register_of_legislation:C2004A01262
Segment Type: clause
Provision Reference: sch 1 cl 74
Character Range: 30277–31979

74  Transfer of contractual rights and obligations of the Commission

(1) The Industry Minister may, in writing, declare that the Commission's rights and obligations under a specified contract to which the Commission is a party:
 (a) cease to be rights and obligations of the Commission on the proclamation day; and
 (b) become rights and obligations of the Commonwealth on that day.

(2) The Industry Minister may, in writing, declare that a specified contract continues to have effect on and after the proclamation day as if a reference in the contract to the Commission were a reference to the Commonwealth.

(3) The Industry Minister may, in writing, declare that a specified instrument relating to a specified contract continues to have effect after the Commission's rights and obligations under the contract become rights and obligations of the Commonwealth, as if a reference in the instrument to the Commission were a reference to the Commonwealth.

(4) The Industry Minister may, in writing, declare that the Commonwealth becomes the Commission's successor in law, in relation to the Commission's rights and obligations under a specified contract, immediately after the Commission's rights and obligations under the contract become rights and obligations of the Commonwealth.

(5) A declaration under this item has effect accordingly.

(6) A copy of a declaration under this item is to be published in the Gazette within 14 days after either the making of the declaration or the proclamation day, whichever is later.

(7) This item does not, by implication, limit item 76 or 78.

Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.