Document ID: chunk:federal_register_of_legislation:C2004A05165:clause:1_33t
Version: federal_register_of_legislation:C2004A05165
Segment Type: clause
Provision Reference: sch 1 cl 33T
Character Range: 28960–29877

33T  Transfer of Commonwealth guarantees

 (1) This section applies to a liability or obligation of the Corporation if:
 (a) the liability or obligation is transferred to a person (the transferee) under this Part (whether directly or indirectly through an interposed transfer to the Commonwealth); and
 (b) assuming that the liability or obligation had not been transferred, the payment by the Corporation of money in accordance with the liability or obligation would have been guaranteed by the Commonwealth under section 35.

 (2) By force of this subsection, the Commonwealth guarantees the due payment by the transferee of all money that is, or may at any time become, payable by the transferee to any person other than the Commonwealth in accordance with the liability or obligation, so long as the liability or obligation is not varied.

Division 6—Proceeds of asset transfers to be paid to the Commonwealth