Document ID: chunk:federal_register_of_legislation:C2004C00908:clause:1_67ab
Version: federal_register_of_legislation:C2004C00908
Segment Type: clause
Provision Reference: sch 1 cl 67AB
Character Range: 7570–8933

67AB  Simplified outline

  The following is a simplified outline of this Part:

• This Part sets up a scheme under which assets of the Commission may be transferred to other persons.

• The Commission may be directed to sell or transfer any of its assets.

• The assets, contracts and liabilities of the Commission may be transferred by declaration.

• Commonwealth guaranteed liabilities may, however, only be transferred to the Commonwealth.

• If assets, contracts or liabilities (other than Commonwealth guaranteed liabilities) of the Commission have been transferred to the Commonwealth, the assets, contracts or liabilities may be transferred by the Commonwealth to other persons.

• The Commission may be required to pay to the Commonwealth an amount equal to any consideration received for the sale or transfer of any of the Commission's assets or contracts.

• Certain transactions under this Part are exempt from stamp duty and similar taxes.

• The Commonwealth may take over obligations of the Commission.

• The Commission, the Commissioners, and certain other persons, may be required to assist the Commonwealth or the Commission in connection with the implementation of this Part.

• The Federal Court may grant injunctions relating to the enforcement of this Part.

• Provision is made for compensation for acquisition of property.