Fisheries Legislation Amendment (New Governance Arrangements for the Australian Fisheries Management Authority and Other Matters) Act 2008
139Vesting of financial liabilities
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139 Vesting of financial liabilities
(1) This item applies to any financial liabilities of AFMA that exist immediately before the commencement time.
(2) At the commencement time, the financial liabilities cease to be liabilities of AFMA and become financial liabilities of the Commonwealth, without any conveyance, transfer or assignment. The Commonwealth becomes AFMA’s successor in law in relation to those liabilities.
(3) This item has effect subject to items 140 and 141.