Transfer of assets, liabilities etc to the Crown
6 Transfer of assets, liabilities etc to the Crown
In this clause—
assets means any legal or equitable estate or interest (whether present or future and whether vested or contingent) in real or personal property of any description (including money), and includes choses in action and documents.
liabilities means all liabilities, debts and obligations (whether present or future and whether vested or contingent).
On the appointed day—
the assets and liabilities of the dissolved board (except those to which subclause (3) applies) become assets and liabilities of the Crown, and
all proceedings by or against the dissolved board pending immediately before that day become proceedings pending by or against the Crown.
On the appointed day, the cash assets (including cash investments) of the dissolved board are to be paid into the New South Wales Fire Brigades Capital Fund established under section 64.
This Act’s bill:Explanatory memorandum
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