Document ID: chunk:federal_register_of_legislation:C2014C00368:section:32
Version: federal_register_of_legislation:C2014C00368
Segment Type: section
Provision Reference: s 32
Character Range: 28662–29966

32  Effects of transfers from Commonwealth to Authority
 (1) Where any assets are transferred from the Commonwealth to the Authority, subsections (2) to (5) (inclusive) apply.
 (2) The Minister:
 (a) must, for the purposes of subsection (3) and section 36, determine the value of the assets as on the day of the transfer or as on such day or days prior to the transfer as the Minister determines; and
  (b) may determine an amount, not exceeding that value, for the purposes of subsection (3).
 (3) If an amount is determined under paragraph (2)(b), the Commonwealth is to be taken to have made, on the day of the transfer, a loan to the Authority equal to that amount.
 (4) The terms and conditions of the loan as to interest and otherwise are as determined by the Finance Minister.
 (5) Where, immediately before the transfer:
 (a) a right of the Commonwealth arising out of a debt, liability or obligation of any other person in favour of the Commonwealth existed in respect of the assets; or
 (b) a debt, liability or obligation of the Commonwealth existed in respect of the assets;
the right, debt, liability or obligation, as the case may be, of the Commonwealth is transferred to the Authority to the extent determined by the Minister.
 (6) A determination under this section must be in writing.