Dealing with residual assets and liabilities of IMO
7 Dealing with residual assets and liabilities of IMO
This regulation applies to an asset or liability that —
the IMO had immediately before repeal day; or
becomes an asset or liability of the IMO on or after repeal day and before the day fixed by the Minister under regulation 12.
An asset to which this regulation applies is to be dealt with as the Minister directs.
A liability to which this regulation applies is to be discharged or otherwise dealt with as the Minister, with the concurrence of the Treasurer, directs.
The Minister has all the powers that are necessary or convenient for the purposes of this regulation.
If an asset or liability is transferred to the State or another entity under this regulation —
the Minister may, without limiting subregulation (4), specify that an agreement or instrument that relates to or creates the asset or liability has effect on and after the day of transfer as if a reference in it to the IMO were, on that day, replaced by a reference to the successor entity; and
any proceedings or remedy that might have been commenced by, or available against or to, the IMO in relation to the asset or liability may be commenced by, or is available against or to, the successor entity; and
anything relating to the asset or liability that was done or omitted to be done by, to or in respect of the IMO before the day of transfer and that is of any effect is to be taken, on and after that day, to have been done or omitted to be done by, to or in respect of the successor entity.
The reference in subregulation (5)(a) to an instrument does not include a reference to an instrument having legislative effect.
A direction or specification by the Minister under this regulation must be in writing and, to the extent practicable, a copy must be given to each person who has a direct interest in the matter.
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