Document ID: chunk:federal_register_of_legislation:C2008A00061:clause:2_3
Version: federal_register_of_legislation:C2008A00061
Segment Type: clause
Provision Reference: sch 2 cl 3
Character Range: 23452–24224

3  Vesting of AUASB's assets and liabilities

(1) At the commencement time, the assets of the AUASB immediately before the commencement time:
 (a) cease to be the assets of the AUASB; and
 (b) become assets of the Commonwealth without any conveyance, transfer or assignment; and
 (c) are taken to be held by the Office of the AUASB for and on behalf of the Commonwealth.
The Commonwealth becomes the successor in law in relation to these assets.

(2) At the commencement time, the liabilities of the AUASB immediately before the commencement time:
 (a) cease to be the liabilities of the AUASB; and
 (b) become liabilities of the Commonwealth without any conveyance, transfer or assignment.
The Commonwealth becomes the successor in law in relation to these liabilities.