Document ID: chunk:federal_register_of_legislation:C2023A00015:clause:2_7
Version: federal_register_of_legislation:C2023A00015
Segment Type: clause
Provision Reference: sch 2 cl 7
Character Range: 9701–10536

7  Assets and liabilities of Creative Partnerships Australia
(1) At the transition time, the assets and liabilities of Creative Partnerships Australia cease to be assets and liabilities of Creative Partnerships Australia and become assets and liabilities of the Australia Council without any conveyance, transfer or assignment.
(2) The Australia Council becomes the successor in law in relation to those assets and liabilities.

Assets subject to trust
(3) If an asset that has become an asset of the Australia Council under this item was, immediately before the transition time, held by Creative Partnerships Australia on trust, that asset is taken, at and after the transition time, to be held by the Australia Council on trust and subject to the terms of the trust on which the asset was so held by Creative Partnerships Australia.