Document ID: chunk:federal_register_of_legislation:C2011C00793:clause:2_718
Version: federal_register_of_legislation:C2011C00793
Segment Type: clause
Provision Reference: sch 2 cl 718
Character Range: 123453–124905

718  Transfer of assets and liabilities to the Commonwealth

Transfer of assets and liabilities

(1) At the commencement time:
 (a) the assets and liabilities of HIC become assets and liabilities of the Commonwealth without any conveyance, transfer or assignment; and
 (b) the Commonwealth becomes HIC's successor in law in relation to those assets and liabilities.

(2) At the commencement time:
 (a) the assets and liabilities of HeSA become assets and liabilities of the Commonwealth without any conveyance, transfer or assignment; and
 (b) the Commonwealth becomes HeSA's successor in law in relation to those assets and liabilities.

Instruments relating to transferred assets and liabilities

(3) If:
 (a) an instrument is in force immediately before the commencement time; and
 (b) the instrument relates to assets or liabilities covered by subitem (1) or (2); and
 (c) the instrument refers to HIC (however described) or to HeSA;
the reference is to be read as a reference to the Commonwealth as necessary to give effect to subitems (1) and (2).

Proceedings relating to transferred assets and liabilities

(4) If, immediately before the commencement time, any proceedings:
 (a) that related to assets or liabilities covered by subitem (1) or (2); and
 (b) to which HIC or HeSA was a party;
were pending in any court or tribunal, then, from the commencement time, the Commonwealth is substituted for HIC or HeSA as a party to the proceedings.