5Transfer of assets and rights of Commonwealth to Territory

5 Transfer of assets and rights of Commonwealth to Territory

(1) The Minister shall transfer or cause to be transferred to the Territory all assets and rights of the Commonwealth that, in his or her opinion, relate to Territory functions. (2) Subsection (1) does not apply to: (a) money; or (b) any estate in land. (3) The Minister shall transfer or cause to be transferred to the Territory all estates in land in the Territory of a kind referred to in subsection (4), being estates that, in his or her opinion, are held by the Commonwealth for purposes that relate to Territory functions. (4) Subsection (3) applies to estates consisting of: (a) interests under easements (including easements in gross), rights of way or mortgages; or (b) interests as lessee or sub‑lessee. (5) Where an estate transferred to the Territory under subsection (3) is an estate derived from a contract, the Territory is, by force of this subsection, substituted for the Commonwealth as a party to the contract.