Document ID: chunk:federal_register_of_legislation:C2016C00568:clause:2_358
Version: federal_register_of_legislation:C2016C00568
Segment Type: clause
Provision Reference: sch 2 cl 358
Character Range: 117777–118673

358  Vesting of assets of the Administration
(1) This item applies to an asset of the Administration immediately before the final transition time.
(2) Subject to subitem (3), the following provisions have effect:
 (a) at the final transition time, the asset ceases to be an asset of the Administration and becomes an asset of the Norfolk Island Regional Council without any conveyance, transfer or assignment;
 (b) the Norfolk Island Regional Council becomes the successor in law in relation to the asset.
(3) The transitional rules may provide that:
 (a) subitem (2) does not apply to one or more specified assets; and
 (b) at the final transition time, the specified assets cease to be assets of the Administration and become assets of the Commonwealth without any conveyance, transfer or assignment; and
 (c) the Commonwealth becomes the successor in law in relation to the specified assets.