Document ID: chunk:federal_register_of_legislation:C2012C00437:clause:2_54
Version: federal_register_of_legislation:C2012C00437
Segment Type: clause
Provision Reference: sch 2 cl 54
Character Range: 22862–23549

54  Vesting of property and money
(1) When this Schedule commences:
 (a) any real or personal property or money of, or held on trust by, the Commission immediately before this Schedule commences:
 (i) ceases to be property or money of, or held on trust by, the Commission; and
 (ii) becomes the property or money of, or 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 that property or money.
(2) When this Schedule commences, an amount equal to the money that the Commission had immediately before the commencement must be credited to the Law Reform Special Account.