Document ID: chunk:federal_register_of_legislation:C2004C00235:section:11
Version: federal_register_of_legislation:C2004C00235
Segment Type: section
Provision Reference: s 11
Character Range: 7777–8524

11  Transfer of assets and liabilities

 (1) Subject to subsection (2), upon the commencing date, by force of this section, the Papua New Guinea assets and liabilities of a Commonwealth Bank cease to be assets and liabilities of that Bank and become assets and liabilities of the Papua New Guinea commercial bank.

 (2) Where the total amount of the assets of a Commonwealth Bank transferred by subsection (1) is greater or less than the total amount of the liabilities of that Bank so transferred, the amount of the difference shall be settled between that Bank and the Papua New Guinea commercial bank on such terms and conditions as are agreed between the Treasurer and the appropriate Minister of the House of Assembly for Papua New Guinea.