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Fisheries Legislation Amendment (New Governance Arrangements for the Australian Fisheries Management Authority and Other Matters) Act 2008
140Vesting of assets held on trust
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140 Vesting of assets held on trust
(1) This item applies to any assets held on trust by AFMA immediately before the commencement time.
(2) At the commencement time, the assets cease to be assets held on trust by AFMA and become assets held on trust by the Commonwealth, without any conveyance, transfer or assignment. The Commonwealth becomes AFMA’s successor in law in relation to those assets.