Transfer of liabilities by declaration—div 9.6 authorities
109 Transfer of liabilities by declaration—div 9.6 authorities
The responsible Minister for a division 9.6 authority may make 1 or more of the following declarations in relation to a liability of the authority:
a declaration that a stated liability stops being a liability of the authority and becomes a liability of a stated entity at a stated time;
a declaration that a stated instrument relating to a stated liability continues to have effect after the liability becomes a liability of a stated entity as if a reference in the instrument to the authority were a reference to the entity;
a declaration that a stated entity becomes the authority’s successor in law in relation to a stated liability immediately after the liability becomes a liability of the entity.
A declaration under subsection (1) has effect in accordance with its terms.
A declaration under subsection (1) is a notifiable instrument.
To remove any doubt, this section is additional to, and does not limit any other provision of this division.
This Act’s bill:Explanatory statement
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