Document ID: chunk:federal_register_of_legislation:C2012A00149:clause:2_2
Version: federal_register_of_legislation:C2012A00149
Segment Type: clause
Provision Reference: sch 2 cl 2
Character Range: 4226–5587

2  Transfer of assets from Commonwealth to National Portrait Gallery of Australia
(1) This item applies to the assets of the Commonwealth immediately before the transition time that are for the purposes of the National Portrait Gallery program.
(2) Subitem (1) does not apply to land or buildings, but does apply to structures or other improvements on land.
(3) At the transition time, the assets to which this item applies cease to be assets of the Commonwealth and become assets of the National Portrait Gallery of Australia without any conveyance, transfer or assignment. The Gallery becomes the successor in law in relation to the assets.

Assets subject to trust
(4) If an asset vests in the National Portrait Gallery of Australia under this item and the asset was, immediately before the transition time, held by the Commonwealth on trust, that asset is taken, at and after that time, to be held by the Gallery on trust and subject to the terms of the trust on which the asset was so held by the Commonwealth.

Exception
(5) The Minister may, by writing, determine that subitem (1) does not apply in relation to a specified asset (including structures or other improvements on land).
Note: For specification by class, see subsection 33(3AB) of the Acts Interpretation Act 1901.
(6) A determination made under subitem (5) is not a legislative instrument.