Document ID: chunk:federal_register_of_legislation:C2004A05165:clause:1_33k
Version: federal_register_of_legislation:C2004A05165
Segment Type: clause
Provision Reference: sch 1 cl 33K
Character Range: 17822–19183

33K  Transfer of assets by declaration

 (1) This section applies to an asset of an AIDC body.

 (2) The Minister for Finance may, by writing, make any or all of the following declarations:
 (a) a declaration that a specified asset vests in a specified person at a specified time without any conveyance, transfer or assignment;
 (b) a declaration that a specified instrument relating to a specified asset continues to have effect after the asset vests in a specified person as if a reference in the instrument to the body were a reference to the person;
 (c) a declaration that a specified person becomes the body's successor in law in relation to a specified asset immediately after the asset vests in the person.

Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.

 (3) A declaration under subsection (2) has effect accordingly.

 (4) A copy of a declaration under subsection (2) is to be published in the Gazette within 14 days after the making of the declaration.

 (5) Subsection (2) does not prevent the body from transferring an asset to a person otherwise than under that subsection.

 (6) If a share in a company vests in a person under this section, the company must register the person as the holder of the share.

 (7) Subsection (6) has effect despite anything in the Corporations Law.