Document ID: chunk:federal_register_of_legislation:C2012C00437:clause:2_55
Version: federal_register_of_legislation:C2012C00437
Segment Type: clause
Provision Reference: sch 2 cl 55
Character Range: 23549–24124

55  Vesting of financial liabilities
When this Schedule commences:
 (a) any financial liabilities of, or relating to property or money held on trust by, the Commission immediately before this Schedule commences:
 (i) cease to be liabilities of, or relating to property or money held on trust by, the Commission; and
 (ii) become financial liabilities of, or relating to property or money held on trust by, the Commonwealth, without any conveyance, transfer or assignment; and
 (b) the Commonwealth becomes the Commission's successor in law in relation to those liabilities.