12Transfer of liabilities

12 Transfer of liabilities

(1) This section applies to a liability of the Commonwealth that related or relates to the AGHS. (2) The Minister may, by writing, make any or all of the following declarations: (a) a declaration that a specified liability ceases to be a liability of the Commonwealth and becomes a liability of the nominated company at a specified time; (b) a declaration that a specified instrument relating to a specified liability continues to have effect after the liability becomes a liability of 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 liability immediately after the liability becomes a liability of the nominated company. (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.

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