Document ID: chunk:federal_register_of_legislation:C2018C00042:section:33
Version: federal_register_of_legislation:C2018C00042
Segment Type: section
Provision Reference: s 33
Character Range: 36118–37629

33  Transfer of liabilities
 (1) This section applies to a liability of the FAC (other than a liability under a contract).
 (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified liability:
 (a) ceases to be a liability of the FAC immediately after the grant; and
 (b) becomes a liability of the company immediately after the grant.
 (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument creating a specified liability continues to have effect after the grant as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.
 (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC's successor in law in relation to a specified liability immediately after the liability becomes a liability of the company.
 (5) A declaration under this section has effect accordingly.
Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.

Part 6—Treatment of sale of shares in an airport‑lessee company owned by the Commonwealth