71Transfer of liabilities

71 Transfer of liabilities

(1) The Minister may, by written instrument, declare that a specified liability of a CFM body (other than a liability under a contract) on a specified day: (a) ceases to be a liability of the CFM body; and (b) becomes a liability of a specified transferee. (2) The declaration has effect accordingly. (3) The Minister must as soon as practicable, but no later than 21 days after making the declaration, publish the declaration in the Gazette.

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