Transfer of FAC liabilities to the Commonwealth

In force

(1)

This section applies to a liability of the FAC (other than a liability under a contract).

(2)

The Finance Minister may, by written instrument, make any or all of the following declarations:

(a)

a declaration that a specified liability ceases to be a liability of the FAC and becomes a liability of the Commonwealth;

(b)

a declaration that a specified instrument relating to a specified liability continues to have effect after the liability becomes a liability of the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;

(c)

a declaration that the Commonwealth becomes the FAC’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the Commonwealth.

(3)

A declaration under this section has effect accordingly.

Note:

A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.

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14 Transfer of FAC liabilities to the Commonwealth