Document ID: chunk:federal_register_of_legislation:C2007A00074:clause:2_5
Version: federal_register_of_legislation:C2007A00074
Segment Type: clause
Provision Reference: sch 2 cl 5
Character Range: 37000–37572

5  Vesting of liabilities relating to assets held on trust

(1) This item applies to the liabilities of ASIC in relation to assets mentioned in item 4 of this Schedule that are held on trust by ASIC immediately before the commencement time.

(2) At the commencement time, the liabilities to which this item applies cease to be liabilities of ASIC in relation to the assets and become liabilities of the Commonwealth in relation to the assets, without any conveyance, transfer or assignment. The Commonwealth becomes the successor in law in relation to these liabilities.