Commonwealth Numbered Acts

COMMONWEALTH FUNCTIONS (STATUTES REVIEW) ACT 1981 No. 74 of 1981 - SECT 23

23. (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 that case, the following
provisions of this section have effect.

(2) The Trust shall, on the day referred to in the agreement in accordance
with sub-section 20 (1), upon receipt of the consideration specified in the
agreement, transfer to the purchaser such of the rights, property or assets of
the Trust as are required by the agreement to be acquired by the purchaser.

(3) Upon the transfer to the purchaser of the rights, property or assets
referred to in sub-section (2), the purchaser 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 purchaser 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 purchaser shall be deemed to
be the prescribed authority of the Commonwealth in relation to that employee.