Document ID: chunk:federal_register_of_legislation:C2011A00152:clause:2_3
Version: federal_register_of_legislation:C2011A00152
Segment Type: clause
Provision Reference: sch 2 cl 3
Character Range: 9056–9730

3  Assets and liabilities under transferred Commonwealth funding agreements: transfer to ARENA
(1) At the first transition time, the assets and liabilities of the Commonwealth, under the transferred Commonwealth funding agreements, cease to be assets and liabilities of the Commonwealth and become assets and liabilities of ARENA, without any conveyance, transfer or assignment. ARENA becomes the successor in law in relation to those assets and liabilities.
Note: For other provisions about the transferred Commonwealth funding agreements, see Division 1 of Part 4.
(2) To avoid doubt, ARENA's money may be applied in discharging liabilities to which subitem (1) applies.