Economic Development Act 2012
sec.181Assets and liabilities etc. of a former entity
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sec.181 Assets and liabilities etc. of a former entity
At the commencement— the assets and liabilities of a former entity immediately before the commencement become assets and liabilities of MEDQ; and any infrastructure agreements, contracts, leases, licences, undertakings or other agreements or arrangements to which a former entity is a party, in force immediately before the commencement— are taken to have been entered into by MEDQ; and may be enforced against or by MEDQ; and an arrangement under which the former ULDA was able to borrow an amount from another statutory body, for example, the Queensland Treasury Corporation any property that, immediately before the commencement, was held on trust or subject to a condition, by a former entity continues to be held on the same trust, or subject to the same condition, by MEDQ. The registrar of titles or other person responsible for keeping a register for dealings in property must, if asked by MEDQ, record the vesting of property under this section in MEDQ. (sec.181-ssec.1) At the commencement— the assets and liabilities of a former entity immediately before the commencement become assets and liabilities of MEDQ; and any infrastructure agreements, contracts, leases, licences, undertakings or other agreements or arrangements to which a former entity is a party, in force immediately before the commencement— are taken to have been entered into by MEDQ; and may be enforced against or by MEDQ; and an arrangement under which the former ULDA was able to borrow an amount from another statutory body, for example, the Queensland Treasury Corporation any property that, immediately before the commencement, was held on trust or subject to a condition, by a former entity continues to be held on the same trust, or subject to the same condition, by MEDQ. (sec.181-ssec.2) The registrar of titles or other person responsible for keeping a register for dealings in property must, if asked by MEDQ, record the vesting of property under this section in MEDQ.
- (a) the assets and liabilities of a former entity immediately before the commencement become assets and liabilities of MEDQ; and
- (b) any infrastructure agreements, contracts, leases, licences, undertakings or other agreements or arrangements to which a former entity is a party, in force immediately before the commencement— (i) are taken to have been entered into by MEDQ; and (ii) may be enforced against or by MEDQ; and Example of another arrangement— an arrangement under which the former ULDA was able to borrow an amount from another statutory body, for example, the Queensland Treasury Corporation
- (i) are taken to have been entered into by MEDQ; and
- (ii) may be enforced against or by MEDQ; and
- (c) any property that, immediately before the commencement, was held on trust or subject to a condition, by a former entity continues to be held on the same trust, or subject to the same condition, by MEDQ.