Document ID: chunk:federal_register_of_legislation:C2016C00432:clause:2_3
Version: federal_register_of_legislation:C2016C00432
Segment Type: clause
Provision Reference: sch 2 cl 3
Character Range: 9312–10099

3  Transfer of assets and liabilities of FAL and FFC
(1) This item applies to assets and liabilities of FAL and FFC immediately before the transition time.
(2) At the transition time, the assets and liabilities cease to be assets and liabilities of FAL and FFC and become assets and liabilities of Screen Australia without any conveyance, transfer or assignment. Screen Australia becomes the successor in law in relation to those assets and liabilities.
(3) If an asset that has become an asset of Screen Australia under this item was, immediately before the transition time, held by FAL and FFC on trust, that asset is taken, at and after the transition time, to be held by Screen Australia on trust and subject to the terms of the trust on which the asset was so held by FAL and FFC.