Commonwealth Numbered Acts

COMMONWEALTH FUNCTIONS (STATUTES REVIEW) ACT 1981 No. 74 of 1981 - SECT 22

22. (1) An agreement entered into in accordance with section 20 may make
provision for the sale to which the agreement relates to be carried into
effect in accordance with this section and, in the case, the following
provisions of this section have effect.

(2) The Trust shall -

   (a)  form, together with such person or persons as the Minister nominates,
        an incorporated company in the Australian Capital Territory under a
        name approved by the Minister, being a company having such directors
        as the Minister nominates and having a share capital all the shares in
        which are beneficially owned by the Trust; and

   (b)  on the day referred to in the agreement in accordance with sub-section
        20 (1), upon receipt of the consideration specified in the agreement -

        (i)    transfer to the company such of the rights, property or assets
               of the Trust as are required by the agreement to be acquired by
               the purchaser; and

        (ii)   cause the shares in the company to be transferred to the
               purchaser or to a person or persons nominated by the purchaser.

(3) Upon the transfer to the company of the rights, property or assets
referred to in sub-paragraph (2) (b) (i), the company becomes, by force of
this sub-section, liable to pay or discharge such debts, liabilities or
obligations of the Trust as are required by the agreement to be paid or
discharged by the purchaser and the Trust ceases to be liable to pay or
discharge those debts, liabilities or obligations.

(4) If the company becomes, by force of sub-section (3), liable to pay or
discharge any debts, liabilities or obligations of the Trust arising under or
by virtue of the Compensation (Commonwealth Government Employees) Act 1971,
then, for the purposes of the application, in relation to any event that
occurred before the day referred to in the agreement in accordance with
sub-section 20 (1), of that Act in relation to a person who, at any time
before that day, was an employee within the meaning of that Act by virtue of
being, or having been, employed by the Trust, the company shall be deemed to
be the prescribed authority of the Commonwealth in relation to that employee.