Transfer of the FAC’s contractual rights and obligations to the Commonwealth
13 Transfer of the FAC’s contractual rights and obligations to the Commonwealth
This section applies to a contract (other than a contract of employment) to which the FAC is a party.
The Finance Minister may, by written instrument, declare that the FAC’s rights and obligations under a specified contract:
cease to be rights and obligations of the FAC at a specified time; and
become rights and obligations of the Commonwealth immediately after that time.
The Finance Minister may, by written instrument, declare that a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth, as if a reference in the contract to the FAC were a reference to the Commonwealth.
The Finance Minister may, by written instrument, declare that a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth, as if a reference in the instrument to the FAC were a reference to the Commonwealth.
The Finance Minister may, by written instrument, declare that the Commonwealth becomes the FAC’s successor in law, in relation to the FAC’s rights and obligations under a specified contract, immediately after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth.
A declaration under this section has effect accordingly.
This section does not, by implication, limit section 12.
A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.
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