Document ID: chunk:federal_register_of_legislation:C2004A03226:body:0:p12
Version: federal_register_of_legislation:C2004A03226
Segment Type: other
Provision Reference: 
Character Range: 28241–31087

the liabilities of the Projects Corporation subsisting immediately before that day cease to be liabilities of the Projects Corporation and become liabilities of the Commission; and
(f) such of the liabilities of the Commonwealth subsisting immediately before that day, being liabilities incurred or undertaken in connection with the administration of matters for which the Minister is responsible, as are identified by the Minister, in writing, on or before that day, as liabilities appropriate to be assumed by the Commission in connection with the performance of its functions cease to be liabilities of the Commonwealth and become liabilities of the Commission.
(2) On 1 July 1986, by force of this section—
(a) such of the assets of the Commonwealth subsisting immediately before that day, being assets administered by the Department of Foreign Affairs or the Department of Local Government and Administrative Services, as are identified by the Minister for Finance, in writing, on or before that day, as assets appropriate for use by the Commission in connection with the performance of its functions cease to be assets of the Commonwealth and become assets of the Commission; and
(b) such of the liabilities of the Commonwealth subsisting immediately before that day, being liabilities incurred or undertaken in connection with the administration of matters for which the Minister for Foreign

Affairs or the Minister for Local Government and Administrative Services is responsible, as are identified by the Minister for Finance, in writing, on or before that day, as liabilities appropriate to be assumed by the Commission in connection with the performance of its functions cease to be liabilities of the Commonwealth and become liabilities of the Commission.
(3) Without limiting the generality of sub-section (1), the reference in paragraph (1) (d) to the liabilities of the Insurance Corporation includes a reference to—
(a) the liability to repay to the Commonwealth, at such times and in such amounts as the Minister for Finance determines, the amount that, immediately before the commencing day, constituted the capital of the Insurance Corporation for the purposes of section 67 of the Insurance Corporation Act; and
(b) the liability to pay interest to the Commonwealth on the amount referred to in paragraph (a), or so much of that amount as has not from time to time been repaid to the Commonwealth at such rate as the Minister for Finance from time to time determines.
(4) The Commission shall indemnify the Commonwealth, and keep the Commonwealth indemnified, from and against all actions, claims, demands, proceedings, suits, damages, expenses and costs that may be brought against, or incurred by, the Commonwealth at any time for or in respect of a liability that becomes a liability of the Commission under sub-section (1)