Document ID: chunk:federal_register_of_legislation:C2025C00019:clause:2_4
Version: federal_register_of_legislation:C2025C00019
Segment Type: clause
Provision Reference: sch 2 cl 4
Character Range: 13928–15574

4  Transfer of property, money and liabilities

Transfers on or near the declaration day
(1) As soon as possible after the declaration day, the SRDC must pay 75% of the money it holds in any bank account to the industry services body.
(2) If a funding contract is in force immediately before the declaration day, then the instrument has effect on and after the declaration day as if:
 (a) any reference to the SRDC in the funding contract were a reference to the industry services body; and
 (b) any reference to the directors of the SRDC in the funding contract were a reference to the directors of the industry services body.
(3) To the extent to which a funding contract relates, in whole or in part, to an asset or liability of the SRDC, then, on the declaration day, the asset or liability ceases to be an asset or liability of the SRDC and becomes an asset and liability of the industry services body without any conveyance, transfer or assignment.
(4) On the declaration day, the industry services body becomes the SRDC's successor in law in relation to the assets and liabilities mentioned in subitem (3).

Transfers on 1 October 2013
(5) On 1 October 2013, the assets and liabilities of the SRDC cease to be assets and liabilities of the SRDC and become assets and liabilities of the industry services body without any conveyance, transfer or assignment.
(6) On and after 1 October 2013, the industry services body becomes the SRDC's successor in law in relation to the assets and liabilities mentioned in subitem (5).
(7) This item has effect despite section 145 of the Primary Industries and Energy Research and Development Act 1989.