Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The Minister for Finance and Administration may, by notice in the Gazette , declare all or any of the following, in relation to a company specified in the notice:
(a) a specified Commonwealth asset vests in the company at a time specified in the notice (the transfer time ), without any conveyance, transfer or assignment;
(b) at the transfer time, the company becomes the Commonwealth’s successor in law in relation to the transferred asset;
(c) a specified instrument relating to the transferred asset continues to have effect after the transfer time as if a reference in the instrument to the Commonwealth or to the National Transmission Agency were a reference to the company.
(2) The Minister for Finance and Administration may, by notice in the Gazette , declare all or any of the following, in relation to a company specified in the notice:
(a) a Commonwealth liability specified in the notice ceases to be a Commonwealth liability at a time specified in the notice (the transfer time ) and becomes a liability of the company;
(b) at the transfer time, the company becomes the Commonwealth’s successor in law in relation to the transferred liability;
(c) a specified instrument relating to the transferred liability continues to have effect after the transfer time as if a reference in the instrument to the Commonwealth or to the National Transmission Agency were a reference to the company.
(3) Declarations in relation to both assets and liabilities may be included in the same notice. The same notice may include declarations in relation to more than one asset or liability.
(4) A declaration under this section has effect according to its terms.
Note: The assets and liabilities that can be transferred under this section include assets and liabilities that consist of rights and obligations under contracts.
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