Fisheries Legislation Amendment (New Governance Arrangements for the Australian Fisheries Management Authority and Other Matters) Act 2008
138Vesting of property and money
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138 Vesting of property and money
(1) This item applies to any real or personal property or money held by AFMA immediately before the commencement time.
(2) At the commencement time, the property or money ceases to be held by AFMA and becomes the property or money of the Commonwealth, without any conveyance, transfer or assignment. The Commonwealth becomes AFMA’s successor in law in relation to that property or money.
(3) After the commencement time, there must be credited to the AFMA Special Account an amount equal to the total of all money held by AFMA immediately before the commencement time.
(4) This item has effect subject to items 140 and 141.