Document ID: chunk:federal_register_of_legislation:C2016C00432:clause:2_2
Version: federal_register_of_legislation:C2016C00432
Segment Type: clause
Provision Reference: sch 2 cl 2
Character Range: 7402–9312

2  Transfer of assets and liabilities of AFC

Application
(1) This item applies to assets and liabilities of AFC immediately before the transition time.

AFC to Screen Australia
(2) Subject to this item, at the transition time, the assets and liabilities cease to be assets and liabilities of AFC and become assets and liabilities of Screen Australia without any conveyance, transfer or assignment. Screen Australia becomes the successor in law in relation to those assets and liabilities.

AFC to NFSAA or AFTRS
(3) Before the transition time, the Minister may determine, in writing, that some of the assets or liabilities are to become assets or liabilities of NFSAA or AFTRS.
(4) If the Minister makes a determination that the assets or liabilities are to become the assets or liabilities of NFSAA, then, at the transition time, the assets or liabilities cease to be assets or liabilities of AFC and become assets or liabilities of NFSAA without any conveyance, transfer or assignment. NFSAA becomes the successor in law in relation to those assets or liabilities.
(5) If the Minister makes a determination that the assets or liabilities are to become the assets or liabilities of AFTRS, then, at the transition time, the assets or liabilities cease to be assets or liabilities of AFC and become assets or liabilities of AFTRS without any conveyance, transfer or assignment. AFTRS becomes the successor in law in relation to those assets or liabilities.
(6) A determination made under subitem (3) is not a legislative instrument.

Assets subject to trust
(7) If an asset that has become an asset of Screen Australia, NFSAA or AFTRS under this item was, immediately before the transition time, held by AFC on trust, that asset is taken, at and after the transition time, to be held by the body to which it is transferred on trust and subject to the terms of the trust on which the asset was so held by AFC.