Document ID: chunk:federal_register_of_legislation:C2018C00042:section:25
Version: federal_register_of_legislation:C2018C00042
Segment Type: section
Provision Reference: s 25
Character Range: 28577–30040

25  Transfer of liability to company
 (1) This section applies to a liability that has become a liability of the Commonwealth under section 14.
 (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, then, immediately after the grant, a specified liability ceases to be a liability of the Commonwealth and becomes a liability of the company.
 (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified liability continues to have effect after the liability becomes a liability of the company as if a reference in the instrument to the FAC or the Commonwealth were a reference to the company.
 (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth's successor in law in relation to a specified liability immediately after the liability becomes a liability of the company.
 (5) A declaration under this section has effect accordingly.
Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.