Document ID: chunk:federal_register_of_legislation:C2016C00900:section:7
Version: federal_register_of_legislation:C2016C00900
Segment Type: section
Provision Reference: s 7
Character Range: 14657–15635

7  Re‑transfer of assets
 (1) This section applies to an asset that was transferred to the ACA under subsection 6(2).
 (2) The Minister may, by writing, make any or all of the following declarations:
 (a) a declaration that a specified asset vests in the Commonwealth at a specified time 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 ACA were a reference to the Commonwealth;
 (c) a declaration that the Commonwealth becomes the ACA's successor in law in relation to a specified asset immediately after the asset vests in the Commonwealth.
Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.
 (3) A declaration under subsection (2) has effect accordingly.
 (4) A time specified under subsection (2) must be before 1 January 1998.