Document ID: chunk:federal_register_of_legislation:C2004A03717:body:0:p7
Version: federal_register_of_legislation:C2004A03717
Segment Type: other
Provision Reference: 
Character Range: 15963–18570

Corporation, shall cease to have effect when the portfolio asset vests in the Bank.

"(11) An undertaking given by a person in relation to a portfolio asset under paragraph 35 (2) (b) of this Act, as in force before the commencing day, shall, to the extent to which it has not been discharged before the day on which that asset vests in the Bank under this section, continue to have effect on and after that day as if it had been given by that person under paragraph 22 (2) (b) of this Act.

Dealings relating to vested portfolio assets
"6c. (1) Where the Corporation, or any of its predecessors, is registered in a State or Territory as the owner of an interest in a portfolio asset which vests in the Bank under section 6b, the Bank may, subject to the agreement, execute any receipt, discharge or other instrument in relation to that interest in its own name, or in the name of the Corporation or the Corporation's predecessor, as the case may be, and the Registrar-General, Registrar of Titles, or other appropriate officer, of that State or Territory may make such entries in his or her registers, and do such other things, as are necessary to give effect to that receipt, discharge or other instrument.
"(2) The Bank may execute a transfer of land and a dwelling-house to the purchaser of that land and dwelling-house under a contract of sale which vests in the Bank under section 6b and any transfer so executed shall be taken to have been made pursuant to and in conformity with the contract of sale.
"(3) A transfer referred to in subsection (2) is not liable to any ad valorem tax under a State or Territory law if that ad valorem tax has been paid on the relevant contract of sale.

Transfer of certain other assets to Commonwealth
"6d. (1) On the winding-up day:
     (a) all prescribed rights that, immediately before that day were vested in the Corporation vest on that day, by force of this subsection, in the Commonwealth; and
     (b) the Commonwealth becomes, by force of this subsection, liable to pay or discharge any prescribed debts of the Corporation that existed immediately before that day.
"(2) Any prescribed contract to which the Corporation was a party immediately before the winding-up day has effect on and after that day as if:
     (a) the Commonwealth were substituted for the Corporation as a party to the contract; and
     (b) any reference in the contract to the Corporation were (except in relation to things that happened before that day) a reference to the Commonwealth.
"(3) If, immediately before the winding-up day, prescribed proceedings to which the Corporation