Document ID: chunk:federal_register_of_legislation:C2004A05165:clause:1_33p
Version: federal_register_of_legislation:C2004A05165
Segment Type: clause
Provision Reference: sch 1 cl 33P
Character Range: 24564–25765

33P  Transfer of assets

 (1) This section applies to an asset that has vested in the Commonwealth under section 33K.

 (2) The Minister for Finance may, by writing, make any or all of the following declarations:
 (a) a declaration that a specified asset vests in a specified person 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 a specified person as if a reference in the instrument to the Commonwealth were a reference to the person;
 (c) a declaration that a specified person becomes the Commonwealth's successor in law in relation to a specified asset immediately after the asset vests in the person.

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 copy of a declaration under subsection (2) is to be published in the Gazette within 14 days after the making of the declaration.

 (5) Subsection (2) does not prevent the Commonwealth from transferring an asset to a person otherwise than under that subsection.