Document ID: chunk:federal_register_of_legislation:C2004C01110:clause:8_6
Version: federal_register_of_legislation:C2004C01110
Segment Type: clause
Provision Reference: sch 8 cl 6
Character Range: 278213–279344

6  Transfer of liabilities

(1) A transfer agreement may determine that all or any of the following things happen on a specified date, not being a date before the transfer date:
 (a) specified liabilities vest in APRA, or in ASIC;
 (b) specified instruments in relation to specified liabilities continue to have effect after the liabilities vest in APRA, or in ASIC, as if specified references in the instruments were references to APRA, or to ASIC, as the case requires;
 (c) APRA or ASIC becomes the previously liable person's successor in law in relation to specified liabilities immediately after the liabilities vest in APRA, or in ASIC.

Note: Liabilities or instruments may be specified by description, by inclusion in a specified class or in some other way.

(2) The agreement has effect accordingly, to the extent that it is within the Commonwealth's legislative power to give the agreement that effect.

(3) This item does not prevent liabilities being transferred to APRA or ASIC otherwise than in accordance with a transfer agreement.

Division 4—Transitional provisions relating to operation of the Banking Act 1959