16Transfer of assets and liabilities

16 Transfer of assets and liabilities

(1) This section applies to: (a) the assets of a statutory authority (other than the ADF Trust Amount); and (b) the liabilities of a statutory authority (other than a liability referred to in section 28).

Note: The transfer of the ADF Trust Amount is dealt with in section 17.

(3) On the transfer day: (a) the assets and liabilities cease to be assets and liabilities of the authority and become assets and liabilities of the industry services body without any conveyance, transfer or assignment; and (b) the industry services body becomes the statutory authority’s successor in law in relation to the assets and liabilities immediately after they become assets and liabilities of the industry services body.

Note: See also sections 18 and 21.