10Transfer of assets

10 Transfer of assets

(1) This section applies to an asset of the Commonwealth that was used, is used, or is proposed to be used, by the AGHS. (2) The Minister may, by writing, make any or all of the following declarations: (a) a declaration that a specified asset vests in the nominated company at a specified time without any conveyance, transfer or assignment; (b) a declaration that a specified instrument relating to a specified asset continues to have effect after the asset vests in the nominated company as if a reference in the instrument to the Commonwealth were a reference to the nominated company; (c) a declaration that the nominated company becomes the Commonwealth’s successor in law in relation to a specified asset immediately after the asset vests in the nominated company.

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

(3) A declaration under subsection (2) has effect accordingly. (4) A copy of a declaration under subsection (2) is to be published in the Gazette within 14 days after the making of the declaration. (5) A time specified under paragraph (2)(a) must be a time when the nominated company is Commonwealth‑owned. (6) Subsection (2) does not prevent the Commonwealth from transferring an asset to the nominated company otherwise than under that subsection.