Document ID: chunk:federal_register_of_legislation:C2004A01262:clause:1_76
Version: federal_register_of_legislation:C2004A01262
Segment Type: clause
Provision Reference: sch 1 cl 76
Character Range: 33831–34832

76  Transfer of assets of the Commission

(1) The Industry Minister may, in writing, make any or all of the following declarations in relation to an asset of the Commission:
 (a) a declaration that the asset vests in the Commonwealth on the proclamation day without any conveyance, transfer or assignment;
 (b) a declaration that a specified instrument relating to the asset continues to have effect on and after the proclamation day as if a reference in the instrument to the Commission were a reference to the Commonwealth;
 (c) a declaration that the Commonwealth becomes the Commission's successor in law in relation to the asset at the beginning of the proclamation day.

Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.

(2) The declaration has effect accordingly.

(3) A copy of the declaration is to be published in the Gazette within 14 days after either the making of the declaration or the proclamation day, whichever is later.