Christmas Island Act 1958

All property, rights and powers in or in connexion with Christmas Island which, immediately before the proclaimed date, were held or enjoyed by or on behalf of the Queen in right of the United Kingdom or of the Colony of Christmas Island, or by or on behalf of the Government of the United Kingdom or of the Colony of Christmas Island, shall, from and including that date, be deemed to be held or enjoyed by or on behalf of the Commonwealth.

Subject to subsection (3), all liabilities and obligations incurred before the proclaimed date by or on behalf of the Government of the United Kingdom, the Government of the Colony of Singapore or the Government of the Colony of Christmas Island in or in connexion with Christmas Island and subsisting immediately before that date shall, from and including that date, be deemed to have been incurred by or on behalf of the Commonwealth.

Subsection (2) does not apply to or in relation to liabilities or obligations of the Government of the United Kingdom or of the Colony of Singapore for or in respect of:

the servicing or repayment of public loans raised by the Government of the Colony of Singapore;

the payment of pensions or retiring allowances in respect of service in Christmas Island;

the repayment of deposits with the Christmas Island branch of the Post Office Savings Bank of the Colony of Singapore or interest on those deposits; or

the meeting of deficiencies in assets of the Central Provident Fund of the Colony of Singapore required by the Central Provident Fund Ordinance of that Colony to be met out of the general revenues of that Colony.

In this section, property includes movable and immovable property.