Document ID: chunk:federal_register_of_legislation:C2018C00042:section:12
Version: federal_register_of_legislation:C2018C00042
Segment Type: section
Provision Reference: s 12
Character Range: 16458–17343

12  Transfer of other FAC assets to the Commonwealth
 (1) This section applies to an asset of the FAC (other than land).
 (2) The Finance Minister may, by written instrument, make any or all of the following declarations:
 (a) a declaration that a specified asset vests in the Commonwealth without any conveyance, transfer or assignment;
 (b) a declaration that a specified instrument relating to a specified asset continues to have effect after the asset vests in the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;
 (c) a declaration that the Commonwealth becomes the FAC's successor in law in relation to a specified asset immediately after the asset vests in the Commonwealth.
 (3) A declaration has effect accordingly.
Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.