Commonwealth Consolidated Acts

WOOL SERVICES PRIVATISATION ACT 2000 - SECT 12

             (1)  This section provides for a liability of a restructuring body (the transferor ) to become a liability of another restructuring body (the transferee ).

             (2)  The Minister may, in writing, make any or all of the following declarations in relation to the liability:

                     (a)  a declaration that the liability vests in the transferee at a specified time without any conveyance, transfer or assignment;

                     (b)  a declaration that a specified instrument relating to the liability continues to have effect after the liability vests in the transferee as if a reference in the instrument to the transferor were a reference to the transferee;

                     (c)  a declaration that the transferee becomes the transferor's successor in law in relation to the liability immediately after the liability vests in the transferee.

             (3)  The declaration has effect accordingly.

             (4)  A copy of the declaration is to be published in the Gazette within 14 days after the declaration is made.

             (5)  A time specified under paragraph (2)(a) must be before the conversion time.

Note:          For the purposes of this section, a liability or instrument may be specified by name, by inclusion in a specified class or in any other way.