NORTHERN TERRITORY NATIONAL EMERGENCY RESPONSE ACT 2007 (NO. 129, 2007) - SECT 112 Acquisition by the Commonwealth of assets and liabilities of a community store
NORTHERN TERRITORY NATIONAL EMERGENCY RESPONSE ACT 2007 (NO. 129, 2007) - SECT 112
Acquisition by the Commonwealth of assets and liabilities of a community store(1) This section applies to eligible assets that are held by a community store or by the owner or operator of a community store, and to liabilities of the store or of the owner or operator, if:
(a) an authorised officer has assessed the community store under section 94 for the purpose of deciding whether or not to grant a community store licence to the operator of the store and the Secretary has decided not to grant the licence; or
(b) an authorised officer has assessed the community store under section 94 for the purpose of deciding whether or not to vary a community store licence so as to extend the period of effect of the licence, and the Secretary has decided not to extend the term of the licence; or
(c) the Secretary has revoked a community store licence held by the operator of the community store.
(2) The Minister may, by writing, make any or all of the following declarations in relation to some or all of the eligible assets or the liabilities to which this section applies:
(a) a declaration that the legal and beneficial interests in the assets vest in the Commonwealth at a specified time without any conveyance, transfer or assignment;
(b) a declaration that the liabilities vest in the Commonwealth at a specified time without any conveyance, transfer or assignment;
(c) a declaration that a specified instrument relating to any or all of those assets or liabilities continues to have effect after the legal and beneficial interests in those assets or those liabilities vest in the Commonwealth as if a reference in the instrument to a specified person were a reference to the Commonwealth;
(d) a declaration that, immediately after the legal and beneficial interests in those assets or those liabilities vest in the Commonwealth, the Commonwealth becomes the successor in law of the holder of those assets.
(3) A declaration under subsection (2) has effect accordingly.
(4) A copy of a declaration made under subsection (2) must be:
(a) given to the owner or operator of the community store; and
(b) published in the Gazette within 7 days of being given to the owner or operator.
(5) Failure to comply with subsection (4) does not invalidate a declaration.
(6) A declaration under subsection (2) is not a legislative instrument.
(7) Stamp duty or other tax is not payable under a law of the Northern Territory in respect of:
(a) the vesting of an asset under this section; or
(b) anything done (including a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, such vesting.
(8) In this section:
(a) any legal or equitable estate or interest in personal property, whether actual, contingent or prospective held by a community store, or by the owner or operator of a community store, being an estate or interest that relates to the operations of the community store; or
(b) any right, power, privilege or immunity, whether actual, contingent or prospective held by a community store, or by the owner or operator of a community store, being a right, power, privilege or immunity that relates to the operations of the community store.
"liability" means any liability, duty or obligation, whether actual, contingent or prospective, of a community store, or of the owner or operator of a community store, being a liability, duty or obligation that relates to the operations of the community store.