Document ID: chunk:federal_register_of_legislation:C2011A00020:clause:2_2
Version: federal_register_of_legislation:C2011A00020
Segment Type: clause
Provision Reference: sch 2 cl 2
Character Range: 8958–11127

2  Film library assets and film library liabilities of Screen Australia become assets and liabilities of NFSAA
(1) This item applies to assets and liabilities of Screen Australia immediately before the transition time.
(2) Subject to this item, at the transition time, all film library assets and film library liabilities cease to be assets and liabilities of Screen Australia and become assets and liabilities of NFSAA without any conveyance, transfer or assignment. NFSAA becomes the successor in law in relation to the film library assets and film library liabilities.
(3) Before the transition time, the Minister may determine, in writing, that specified assets or liabilities of Screen Australia (other than film library assets or film library liabilities) that are related to or connected with the film library, are to become assets or liabilities of NFSAA.
(4) If the Minister makes a determination under subitem (3) that specified assets or liabilities of Screen Australia (other than film library assets or film library liabilities) are to become the assets or liabilities of NFSAA, then, at the transition time, the specified assets or liabilities cease to be assets or liabilities of Screen Australia and become assets or liabilities of NFSAA without any conveyance, transfer or assignment. NFSAA becomes the successor in law in relation to those assets or liabilities.
(5) Before the transition time, the Minister may determine, in writing, that despite subitem (2), specified film library assets or film library liabilities of Screen Australia:
 (a) continue to be assets or liabilities of Screen Australia; and
 (b) do not become assets or liabilities of NFSAA.
(6) A determination under subitem (5) has effect accordingly.
(7) A determination made under subitem (3) or (5) is not a legislative instrument.
(8) If a film library asset or other asset that has become an asset of NFSAA under this item was, immediately before the transition time, held by Screen Australia on trust, that asset is taken, at and after the transition time, to be held by NFSAA on trust and subject to the terms of the trust on which the asset was so held by Screen Australia.