67AGTransfer of liabilities by declaration

67AG Transfer of liabilities by declaration

(1) The Minister for Finance may, by writing, make any or all of the following declarations in relation to a liability of the Commission other than a Commonwealth guaranteed liability:

(a) a declaration that a specified liability ceases to be a liability of the Commission and becomes a liability of a specified person at a specified time;

(b) a declaration that a specified instrument relating to a specified liability continues to have effect after the liability becomes a liability of a specified person as if a reference in the instrument to the Commission were a reference to the person;

(c) a declaration that a specified person becomes the Commission’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the person.

(2) A declaration under subsection (1) has effect accordingly. (3) A copy of a declaration under subsection (1) is to be published in the Gazette within 14 days after the making of the declaration.

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