Transfer of assets and liabilities to Corporation
20 Transfer of assets and liabilities to Corporation
In this section – State tax means any of the following if imposed by any Act or law of Tasmania:a fee, including an application fee and registration fee; a tax, including a duty; a charge.
On the transfer day – the assets of each of the port companies vest in the Corporation; and the liabilities of each of the port companies become the liabilities of the Corporation.
For the purposes of the application of subsection (2), a notice made under section 25 is taken to take effect immediately before assets vest in, and liabilities become the liabilities of, the Corporation by reason of subsection (2).
State tax is not payable in respect of any document prepared to give effect to subsection (2).
The statute text is free to read above. View Pro plans to unlock the case-law research tools for each provision.