Document ID: chunk:federal_register_of_legislation:C2016C00568:clause:2_359
Version: federal_register_of_legislation:C2016C00568
Segment Type: clause
Provision Reference: sch 2 cl 359
Character Range: 118673–119616

359  Vesting of liabilities of the Administration
(1) This item applies to a liability of the Administration immediately before the final transition time.
(2) Subject to subitem (3), the following provisions have effect:
 (a) at the final transition time, the liability ceases to be a liability of the Administration and becomes a liability of the Norfolk Island Regional Council without any conveyance, transfer or assignment;
 (b) the Norfolk Island Regional Council becomes the successor in law in relation to the liability.
(3) The transitional rules may provide that:
 (a) subitem (2) does not apply to one or more specified liabilities; and
 (b) at the final transition time, the specified liabilities cease to be liabilities of the Administration and become liabilities of the Commonwealth without any conveyance, transfer or assignment; and
 (c) the Commonwealth becomes the successor in law in relation to the specified liabilities.