Commission’s assets and liabilities
119 Commission’s assets and liabilities
On the commencement day, the commission’s assets and liabilities immediately before the commencement day become the State’s assets and liabilities.
The registrar of titles or other person responsible for keeping a register for dealings in property must acknowledge the vesting under this section without a requirement to record the change in the owner, and any dealing in the assets and liabilities on or after the commencement day may be signed by the chief executive.
Subsection (2) applies even though a relevant document of title is not produced to the registrar of titles or other person.
This Act’s bill:Explanatory memorandum
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