Document ID: chunk:federal_register_of_legislation:C2012A00149:clause:2_4
Version: federal_register_of_legislation:C2012A00149
Segment Type: clause
Provision Reference: sch 2 cl 4
Character Range: 6405–7713

4  Other transfers of assets and liabilities
(1) This item applies in relation to assets and liabilities of the Commonwealth that relate to the National Portrait Gallery program, other than:
 (a) assets or liabilities to which item 2 or 3 applies; or
 (b) land or buildings.
(2) The Minister may, in writing, make a declaration that:
 (a) a specified asset or liability vests in the National Portrait Gallery of Australia at a specified time (that is at or after the transition time) without any conveyance, transfer or assignment; and
 (b) the National Portrait Gallery of Australia becomes the successor in law in relation to that asset or liability at that specified time.
Note: For specification by class, see subsection 33(3AB) of the Acts Interpretation Act 1901.
(3) A declaration under subitem (2) has effect accordingly.
(4) A declaration under subitem (2) is not a legislative instrument.

Assets subject to trust
(5) If, at a particular time, an asset vests in the National Portrait Gallery of Australia under a declaration under subitem (2) and the asset was, immediately before that 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.