Document ID: chunk:federal_register_of_legislation:C2015A00087:clause:2_22
Version: federal_register_of_legislation:C2015A00087
Segment Type: clause
Provision Reference: sch 2 cl 22
Character Range: 76053–77105

22  Vesting of assets
(1) This item applies to the assets of the Council immediately before the transition time.

Assets vesting in APRA
(2) At the transition time, the assets cease to be assets of the Council and become assets of APRA, without any conveyance, transfer or assignment. APRA becomes the successor in law in relation to the assets.

Assets vesting in the Commonwealth
(3) Before the transition time, the APRA Minister may determine, in writing, that a specified asset to which this item applies is to become an asset of the Commonwealth.
Note: For specification by class, see subsection 33(3AB) of the Acts Interpretation Act 1901.
(4) If the APRA Minister makes a determination under subitem (3), then, at the transition time and despite subitem (2), the asset ceases to be an asset of the Council and becomes an asset of the Commonwealth, without any conveyance, transfer or assignment. The Commonwealth becomes the successor in law in relation to the asset.
(5) A determination made under subitem (3) is not a legislative instrument.