14Transfer of FAC liabilities to the Commonwealth

14 Transfer of FAC liabilities to the Commonwealth

(1) This section applies to a liability of the FAC (other than a liability under a contract). (2) The Finance Minister may, by written instrument, make any or all of the following declarations: (a) a declaration that a specified liability ceases to be a liability of the FAC and becomes a liability of the Commonwealth; (b) a declaration that a specified instrument relating to a specified liability continues to have effect after the liability becomes a liability of the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth; (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the Commonwealth. (3) A declaration under this section has effect accordingly.

Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.