Document ID: chunk:federal_register_of_legislation:C2024C00482:clause:1_192:p1
Version: federal_register_of_legislation:C2024C00482
Segment Type: clause
Provision Reference: sch 1 cl 192 (pt 1/2)
Character Range: 49228–51867

192  Transfer of assets and liabilities
(1) On ATSIC abolition day:
 (a) any assets, other than class A or class B exempted assets, that, immediately before that day, were vested in the Commission are, by force of this item, vested in the Commonwealth; and
 (b) the Commonwealth becomes, by force of this item, liable to pay and discharge liabilities of the Commission, other than class A or class B exempted liabilities, that existed immediately before that day.
(2) On ATSIC abolition day:
 (a) any assets comprising:
 (i) class A exempted assets, that, immediately before that day, were vested in the Commission; or
 (ii) the interest of the Commonwealth in any grant or loan made under a business loans program or in any security taken under such a program in respect of a business loan;
  are, by force of this item, vested in Indigenous Business Australia; and
 (b) so far as those assets are class A exempted assets comprising money standing to the credit of the Housing Fund—that money becomes money of the New Housing Fund; and
 (c) Indigenous Business Australia becomes, by force of this item, liable to pay and discharge the class A exempted liabilities of the Commission that existed immediately before that day; and
 (d) Indigenous Business Australia becomes, by force of this item, liable to pay and discharge liabilities of the Commonwealth that existed immediately before that day in relation to grants or loans made under a business loans program or in relation to any security taken or guarantee given under such a program.
(3) On ATSIC abolition day:
 (a) any class B exempted assets that, immediately before that day, were vested in the Commission:
 (i) are, by force of this item, vested in the Indigenous Land Corporation; and
 (ii) so far as those class B exempted assets comprised money standing to the credit of the Regional Land Fund—may be used by the Indigenous Land Corporation only as permitted in accordance with item 194 of this Act; and
 (b) the Indigenous Land Corporation becomes, by force of this item, liable to pay and discharge the class B exempted liabilities of the Commission that existed immediately before that day.
(4) If an asset that has become an asset of the Commonwealth, Indigenous Business Australia or the Indigenous Land Corporation by force of subitem (1), (2) or (3) was, immediately before ATSIC abolition day, held by the Commission on trust, that asset is taken, on and after that day, to be held by the body to which it is transferred on trust and subject to the terms of the trust on which the asset was so held by the Commission.
(5) In this item:
class A exempted asset means: