Document ID: chunk:federal_register_of_legislation:C2004A05288:section:9
Version: federal_register_of_legislation:C2004A05288
Segment Type: section
Provision Reference: s 9
Character Range: 8587–9941

9  Transfer of assets

 (1) This section applies to an asset of the Board other than:
 (a) money in the Wheat Industry Fund; or
 (b) an investment of the Wheat Industry Fund; or
 (c) any other asset that was acquired using money in the Wheat Industry Fund.

 (2) The Board may, by writing, make any or all of the following declarations:
 (a) a declaration that a specified asset vests in a specified designated company at a specified time without any conveyance, transfer or assignment;
 (b) a declaration that a specified instrument relating to a specified asset continues to have effect after the asset vests in a specified designated company as if a reference in the instrument to the Board were a reference to the company;
 (c) a declaration that a specified designated company becomes the Board's successor in law in relation to a specified asset immediately after the asset vests in the company.

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

 (3) A declaration under subsection (2) has effect accordingly.

 (4) A copy of a declaration under subsection (2) is to be published in the Gazette within 14 days after the making of the declaration.

 (5) Subsection (2) does not prevent the Board from transferring an asset to a designated company otherwise than under that subsection.