Document ID: chunk:federal_register_of_legislation:C2007A00106:clause:2_2
Version: federal_register_of_legislation:C2007A00106
Segment Type: clause
Provision Reference: sch 2 cl 2
Character Range: 20432–21204

2  Existing property, money and financial liabilities

(1) Any real or personal property or any money that is held by the Authority immediately before the commencement time is taken, at the commencement time, to be held by the Authority for and on behalf of the Commonwealth.

(2) Any financial liabilities of the Authority that exist immediately before the commencement time are taken, at the commencement time, to be liabilities of the Commonwealth.

(3) Subitems (1) and (2) have effect subject to items 3 and 4 of this Schedule.

(4) If an amount of money (the original amount) is covered by subitem (1), an amount equal to the original amount is appropriated out of the Consolidated Revenue Fund for the purpose of the performance of the functions of the Authority.