Document ID: chunk:federal_register_of_legislation:C2004A04224:clause:1_17
Version: federal_register_of_legislation:C2004A04224
Segment Type: clause
Provision Reference: sch 1 cl 17
Character Range: 17764–18758

17  Transfer of certain assets to EFIC

 (1) The Minister may declare, in writing, that specified assets of the Commission are, on and from the date specified in the instrument, transferred to EFIC.

 (2) On the date specified in the instrument, assets specified in a declaration under subsection (1) are, by force of this section, vested in EFIC.

 (3) Subsection (1) does not prevent the Commission from transferring an asset to EFIC otherwise than under that subsection.

 (4) Where, immediately before the transfer:
 (a) a right, liability or obligation of any other person in favour of the Commission existed in respect of the asset; or
 (b) a debt, liability or obligation of the Commission existed in respect of the asset;
then, by force of this section:
 (c) the right, liability or obligation of the other person becomes a right, liability or obligation in favour of EFIC; and
 (d) the debt, liability or obligation of the Commission becomes a debt, liability or obligation of EFIC.