33Transfer of liabilities

33 Transfer of liabilities

(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, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified liability: (a) ceases to be a liability of the FAC immediately after the grant; and (b) becomes a liability of the company immediately after the grant. (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument creating a specified liability continues to have effect after the grant as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company. (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the company. (5) 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.