Commonwealth Numbered Acts

COMMONWEALTH FUNCTIONS (STATUTES REVIEW) ACT 1981 No. 74 of 1981 - SECT 7

7. (1) The Authority shall, if so directed by the Minister, enter into an
agreement with a person designated by the Minister for the sale to that
person, on terms and conditions specified by the Minister, of such rights,
property or assets of the Authority as are referred to in the agreement, with
effect on and from the commencement of a day specified in, or ascertained in
accordance with the agreement.

(2) An agreement entered into under sub-section (1) may provide for the
purchaser to undertake to pay or discharge such debts, liabilities or
obligations of the Authority as are referred to in the agreement.

(3) In an agreement entered into under sub-section (1) -

   (a)  a reference to rights, property or assets of the Authority may be a
        reference to all those rights, property or assets, to such of those
        rights, property or assets as are specified in the agreement or to all
        those rights, property or assets other than such of those rights,
        property or assets as are specified in the agreement; and

   (b)  a reference to debts, liabilities or obligations of the Authority may
        be a reference to all those debts, liabilities or obligations, to such
        of those debts, liabilities or obligations as are specified in the
        agreement or to all those debts, liabilities or obligations other than
        such of those debts, liabilities or obligations as are specified in
        the agreement.