Document ID: chunk:federal_register_of_legislation:C2006C00145:clause:19_29
Version: federal_register_of_legislation:C2006C00145
Segment Type: clause
Provision Reference: sch 19 cl 29
Character Range: 233993–235109

29  Transfer of liabilities

(1) The Treasurer may, in writing, make any or all of the following declarations:
 (a) a declaration that a specified liability of the Commonwealth ceases to be a liability of the Commonwealth and becomes a liability of APRA, or of ASIC, at a specified time, not being before the APRA commencement;
 (b) a declaration that a specified instrument in relation to a specified liability continues to have effect after the liability becomes a liability of APRA, or of ASIC, as if a reference in the instrument to the Commonwealth were a reference to APRA or ASIC, as the case requires;
 (c) a declaration that APRA or ASIC becomes the Commonwealth's successor in law in relation to a specified liability immediately after the liability becomes a liability of APRA or ASIC.

(2) A declaration has effect accordingly.

(3) Subitem (1) does not prevent the Commonwealth from transferring a liability to APRA or ASIC otherwise than under that subitem.

(4) A declaration under this item is not to be taken to be a legislative instrument for the purposes of the Legislative Instruments Act 1998.