29Transfer to Company of assets, liabilities and contracts of Commission and TIS Corporation

29 Transfer to Company of assets, liabilities and contracts of Commission and TIS Corporation

(1)  In this section –

contract means a contract, agreement, arrangement, undertaking or part of a contract, agreement, arrangement or undertaking, but does not include a contract of employment;

contract of employment includes –

(a) a secondment arrangement; and

(b) an appointment as a director of the Commission or TIS Corporation; and

(c) an appointment referred to in clause 5 of Schedule 1 ; and

(d) a contract referred to in clause 6 of Schedule 1 ;

State tax means any of the following if imposed by any Act or law of Tasmania:

(a) a fee, including an application fee and registration fee;

(b) a tax, including a duty;

(c) a charge.

(2)  On the transfer day –

(a) the assets of the Commission and TIS Corporation vest in the Company without the need for any further conveyance, transfer, assignment or assurance; and

(b) the rights and liabilities of the Commission and TIS Corporation become the rights and liabilities of the Company without the need for any further conveyance, transfer, assignment or assurance; and

(c) the contracts made or entered into by the Commission or TIS Corporation, or both, but not performed, executed, discharged or otherwise terminated, before the transfer day are transferred to the Company; and

(d) the Commission and TIS Corporation cease to be parties to a contract referred to in paragraph (c) .

(3)  For the purposes of subsection (2)(a) , the share of TIS Corporation held by the Commission is not an asset of the Commission.