Transfer of liabilities
33 Transfer of liabilities
This section applies to a liability of the FAC (other than a liability under a contract).
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 liability:
ceases to be a liability of the FAC immediately after the grant; and
becomes a liability of the company immediately after the grant.
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 creating a specified liability continues to have effect after the grant as if a reference in the instrument to the FAC or to 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 FAC’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the company.
A declaration under this section has effect accordingly.
A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.
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