Commonwealth Consolidated Acts

AUSTRALIAN INDUSTRY DEVELOPMENT CORPORATION ACT 1970 - SECT 29H

             (1)  Without limiting subsection 29G(1), on the re‑organisation day, all assets and liabilities of the Corporation (other than the non‑transferring assets and non‑transferring liabilities) cease to be assets and liabilities of the Corporation and become assets and liabilities of the receiving subsidiary.

             (2)  For all purposes and in all proceedings, an asset or liability of the Corporation existing immediately before the re‑organisation day shall be taken to have become an asset or liability of the receiving subsidiary on the re‑organisation day, unless the contrary is established.