ABORIGINAL AND TORRES STRAIT ISLANDER COMMISSION ACT 1989 No. 150 of 1989 - SECT 207 Transfer of assets and liabilities of old Commission

ABORIGINAL AND TORRES STRAIT ISLANDER COMMISSION ACT 1989 No. 150 of 1989 - SECT 207

207. (1) Subject to section 208 and any declaration under subsection 209 (1),
at the commencement, the assets and liabilities of the old Commission become
assets and liabilities of the new Commission.

(2) The following provisions apply to assets and liabilities that have become
assets and liabilities of the new Commission because of subsection (1):

   (a)  an asset that was, immediately before the commencement, held by the
        old Commission on trust shall, after the commencement, be held by the
        new Commission on trust and subject to the terms of the trust on which
        the asset was so held by the old Commission;

   (b)  investments of the old Commission shall, after the commencement, be
        deemed to have been duly made in accordance with section 63E of the
        Audit Act  1901 ;

   (c)  liabilities of the old Commission to make payments shall, after the
        commencement, be taken to be liabilities incurred by the new
        Commission in the performance of its functions and the exercise of its
        powers.