Document ID: chunk:federal_register_of_legislation:C2004A00638:clause:1_20d
Version: federal_register_of_legislation:C2004A00638
Segment Type: clause
Provision Reference: sch 1 cl 20D
Character Range: 15399–17029

20D  Transfer of assets to Corporation

 (1) It is the intention of the Parliament that a law of New South Wales or Victoria may:
 (a) transfer an asset from the relevant State body to the Corporation; and
 (b) provide for matters incidental to the transfer.

 (2) Such a transfer may be by way of a provision that vests the asset in the Corporation without any conveyance, assignment or instrument of transfer.

Minister must consent to transfer

 (3) However, a law of New South Wales or Victoria is not effective to transfer the asset from the relevant State body to the Corporation unless the Minister, by notice in the Gazette, consents to the transfer of:
 (a) the asset; or
 (b) a class of assets in which the asset is included.

Matters incidental to transfer

 (4) The following are examples of matters incidental to the transfer of an asset from a relevant State body to the Corporation:
 (a) that an instrument relating to the asset continues to have effect after the asset vests in the Corporation as if a reference in the instrument to the relevant State body were a reference to the Corporation;
 (b) that the Corporation becomes the successor in law of the relevant State body in relation to an asset immediately after the asset vests in the Corporation;
 (c) if any proceedings to which the relevant State body was a party:
 (i) were pending in any court or tribunal immediately before the transfer; and
 (ii) related, in whole or in part, to the asset;
  that the Corporation is substituted for the relevant State body as a party to the proceedings to the extent to which the proceedings relate to the asset.