Document ID: chunk:federal_register_of_legislation:C2004C07762:section:46
Version: federal_register_of_legislation:C2004C07762
Segment Type: section
Provision Reference: s 46
Character Range: 30499–31183

46  Transfer of assets and liabilities of College

 (1) At the commencement, the assets and liabilities of the College become assets and liabilities of the University.

 (2) The following provisions apply to those assets and liabilities:
 (a) an asset that was, immediately before the commencement, held by the College on trust is, after the commencement, to be held by the University on trust and subject to the terms of the trust on which the asset was so held by the College;
 (b) liabilities of the College to make payments are, after the commencement, to be taken to be liabilities incurred by the University in the performance of its functions and the exercise of its powers.