11Transfer of industry assets and liabilities after cessation of declaration

11 Transfer of industry assets and liabilities after cessation of declaration

(1) If the Minister has made a declaration under section 10 that a body ceases to be the industry services body or the industry export control body, the Minister may declare that the body’s industry assets and liabilities are to be transferred (under regulations specified for the purposes of subparagraph (2)(d)(i)) to: (a) a body that the Minister has declared, or proposes to declare, to be the next industry services body under section 9; or (b) a trustee of a trust, or a body, that the Minister is satisfied has an objective of furthering the horticulture industry’s marketing and research and development interests; or (c) in the case of statutory records of the body—the Commonwealth.

Note: For the meanings of industry assets and liabilities and statutory record, see section 4.

(2) The declaration must: (a) be by notice in writing; and (b) specify each person or body to which industry assets and liabilities (including statutory records) are to be transferred; and (c) specify a day (after the day on which the declaration is made) as the day on which the transfer occurs; and (d) specify regulations that have been made: (i) providing for the vesting of the industry assets and liabilities; and (ii) setting out the processes governing the transfer of the industry assets and liabilities; and (iii) setting out the conditions to which the transfer of industry assets and liabilities is to be subject; and (iv) relating to arrangements for the transfer of statutory records. (3) The declaration has effect accordingly. (4) The Minister must cause a copy of each declaration under this section to be published in the Gazette within 14 days after the declaration is made. (5) The declaration is not invalid merely because it has not been published as required under subsection (4).