Transfer or lease of assets to company
23 Transfer or lease of assets to company
This section applies to an asset that has vested in the Commonwealth under section 11 or 12.
The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified asset vests in the company immediately after the grant without any conveyance, transfer or assignment.
The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified asset continues to have effect after the asset vests in the company as if a reference in the instrument to the FAC or the Commonwealth were a reference to the company.
The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law in relation to a specified asset immediately after the asset vests in the company.
A declaration under this section has effect accordingly.
The Commonwealth may lease an asset to a company that was granted an airport lease under section 21 or 22.
An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.
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