Document ID: chunk:federal_register_of_legislation:C2015A00087:clause:2_23
Version: federal_register_of_legislation:C2015A00087
Segment Type: clause
Provision Reference: sch 2 cl 23
Character Range: 77105–78217

23  Vesting of liabilities
(1) This item applies to the liabilities of the Council immediately before the transition time.

Liabilities vesting in APRA
(2) At the transition time, the liabilities cease to be liabilities of the Council and become liabilities of APRA without any conveyance, transfer or assignment. APRA becomes the successor in law in relation to the liabilities.

Liabilities vesting in the Commonwealth
(3) Before the transition time, the APRA Minister may determine, in writing, that a specified liability to which this item applies is to become a liability of the Commonwealth.
Note: For specification by class, see subsection 33(3AB) of the Acts Interpretation Act 1901.
(4) If the APRA Minister makes a determination under subitem (3), then, at the transition time and despite subitem (2), the liability ceases to be a liability of the Council and becomes a liability of the Commonwealth, without any conveyance, transfer or assignment. The Commonwealth becomes the successor in law in relation to the liability.
(5) A determination made under subitem (3) is not a legislative instrument.