Document ID: chunk:federal_register_of_legislation:C2004C00357:clause:3_10
Version: federal_register_of_legislation:C2004C00357
Segment Type: clause
Provision Reference: sch 3 cl 10
Character Range: 17330–19041

10  Sale by direct transfer of assets

 (1) An agreement entered into in accordance with section 7 may make provision for the sale to which the agreement relates to be carried into effect in accordance with this section and, in that case, the following provisions of this section have effect.

 (2) The Authority shall, on the day referred to in the agreement in accordance with subsection 7(1), upon receipt of the consideration specified in the agreement, transfer to the purchaser such of the rights, property or assets of the Authority as are required by the agreement to be acquired by the purchaser.

 (3) Upon the transfer to the purchaser of the rights, property or assets referred to in subsection (2), the purchaser becomes, by force of this subsection, liable to pay or discharge such debts, liabilities or obligations of the Authority as are required by the agreement to be paid or discharged by the purchaser and the Authority ceases to be liable to pay or discharge those debts, liabilities or obligations.

 (4) If the purchaser becomes, by force of subsection (3), liable to pay or discharge any debts, liabilities or obligations of the Authority arising under or by virtue of the Compensation (Commonwealth Government Employees) Act 1971, then, for the purposes of the application, in relation to any event that occurred before the day referred to in the agreement in accordance with subsection 7(1), of that Act in relation to a person who, at any time before that day, was an employee within the meaning of that Act by virtue of being, or having been, employed by the Authority, the purchaser shall be deemed to be the prescribed authority of the Commonwealth in relation to that employee.