10Repeal of Aluminium Industry Acts

10 Repeal of Aluminium Industry Acts

(1) The following Acts are repealed: Aluminium Industry Act 1944; Aluminium Industry Act 1952; Aluminium Industry Act 1954; Aluminium Industry Act 1956. (2) All property and rights that, immediately before the commencement of this section, were vested in the Commission are, by force of this section, vested in the Commonwealth. (3) All liabilities and obligations to which the Commission was subject immediately before the commencement of this section shall, by force of this section, be deemed to be liabilities and obligations of the Commonwealth. (4) Where the Commission was a party to a contract, agreement or instrument subsisting immediately before the commencement of this section (not being a contract, agreement or instrument the benefit of or under which has been purchased by the Company under the Agreement), the contract, agreement or instrument shall continue in full force and effect but, in its operation after the commencement of this section, shall have effect as if:

(a) the Commonwealth were substituted for the Commission as a party to the contract, agreement or instrument; and

(b) any reference in the contract, agreement or instrument to the Commission were a reference to the Commonwealth.

(5) Any legal proceedings instituted by or against the Commission and pending or incomplete immediately before the commencement of this section may be continued or completed by or against the Commonwealth, and the Commonwealth shall be deemed to be substituted for the Commission as a party to those proceedings.