Document ID: chunk:federal_register_of_legislation:C2018A00059:clause:2_3
Version: federal_register_of_legislation:C2018A00059
Segment Type: clause
Provision Reference: sch 2 cl 3
Character Range: 5094–6333

3  Transfer of assets and liabilities from Commonwealth to designated entities

Application
(1) This item applies to assets and liabilities of the Commonwealth that immediately before the transition time relate to the AAO.

Ministerial declarations
(2) The Minister may, by writing, declare that:
 (a) a specified asset or liability to which this item applies vests in a designated entity at a specified time (that is at or after the transition time) without any conveyance, transfer or assignment; and
 (b) the designated entity becomes the successor in law in relation to that asset or liability at that specified time.
Note: For specification by class, see subsection 33(3AB) of the Acts Interpretation Act 1901.
(3) A declaration under subitem (2) has effect accordingly.
(4) A declaration under subitem (2) is not a legislative instrument.

Assets subject to trust
(5) If an asset vests in a designated entity at a particular time under a declaration under subitem (2) and the asset was, immediately before that time, held by the Commonwealth on trust, that asset is taken, at and after that time, to be held by the designated entity on trust and subject to the terms of the trust on which the asset was so held by the Commonwealth.