Document ID: chunk:federal_register_of_legislation:C2004A01080:clause:3_3
Version: federal_register_of_legislation:C2004A01080
Segment Type: clause
Provision Reference: sch 3 cl 3
Character Range: 15337–16265

3  Residual assets and liabilities to become Commonwealth assets and liabilities

(1) By force of this item:
 (a) all the residual assets of the Corporation cease to be assets of the Corporation and become assets of the Commonwealth on the repeal day; and
 (b) the Commonwealth becomes the Corporation's successor in law in relation to those assets immediately after they become assets of the Commonwealth.

(2) By force of this item:
 (a) all residual liabilities of the Corporation cease to be liabilities of the Corporation and become liabilities of the Commonwealth on the repeal day; and
 (b) the Commonwealth becomes the Corporation's successor in law in relation to those liabilities immediately after they become liabilities of the Commonwealth.

(3) A residual instrument continues to have effect on and after the repeal day as if a reference in the instrument to the Corporation were a reference to the Commonwealth.