Northern Territory Treasury Corporation Act 1994

The Treasurer may, in writing, declare that assets and liabilities of the Territory (including rights and obligations of the

Territory under any document issued or entered into by it) identified, or of a class identified, in the determination shall, as from the date specified in the determination, be transferred to and become assets and liabilities of the Corporation.

On the date specified in a determination under subsection (1), the assets and liabilities the subject of the determination shall be transferred to and become assets and liabilities of the Corporation.

A transfer of assets and liabilities under this section does not:

give rise to any claim for breach of contract or breach of any other legal or equitable obligation; or

be used as a ground for terminating a contract or other instrument or exercising any other right, power or remedy.

The holder of a security issued by the Territory and affected by a determination under subsection (1) is entitled, on surrender of the security, to be issued in exchange with a corresponding security of the Corporation, at which time the original security is cancelled.