Document ID: chunk:federal_register_of_legislation:C2004C00908:clause:1_67ae
Version: federal_register_of_legislation:C2004C00908
Segment Type: clause
Provision Reference: sch 1 cl 67AE
Character Range: 11175–12417

67AE  Transfer of assets by declaration

 (1) The Minister for Finance may, by writing, make any or all of the following declarations in relation to an asset of the Commission:
 (a) a declaration that a specified asset vests in a specified person at a specified time without any conveyance, transfer or assignment;
 (b) a declaration that a specified instrument relating to a specified asset continues to have effect after the asset vests in a specified person as if a reference in the instrument to the Commission were a reference to the person;
 (c) a declaration that a specified person becomes the Commission's successor in law in relation to a specified asset immediately after the asset vests in the person.

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

 (2) A declaration under subsection (1) has effect accordingly.

 (3) A copy of a declaration under subsection (1) is to be published in the Gazette within 14 days after the making of the declaration.

 (4) Subsection (1) does not prevent the Commission from transferring an asset to a person otherwise than under that subsection unless the transfer would be contrary to a declaration made under that subsection.