30 Transfer of assets, &c., to or from Crown or council by transfer notice
(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
(a) specify conditions including, without limitation –
(i) conditions relating to the transfer of the assets, liabilities and contracts; and
(ii) conditions relating to the payment of consideration, if any is payable; and
(b) provide for any matter that is incidental to the transfer of the assets, liabilities and contracts.
(6) A transfer notice takes effect on the specified day or days, whether that day is before, on or after the day on which the transfer notice is published in the Gazette.
(7) On the day on which a transfer notice takes effect –
(a) the specified assets vest in the transfer recipient in accordance with the transfer notice, without the need for any further conveyance, transfer, assignment or assurance but subject to any conditions specified in the transfer notice; and
(b) the specified liabilities become the liabilities of the transfer recipient, in accordance with the transfer notice, without the need for any further conveyance, transfer, assignment or assurance but subject to any conditions specified in the transfer notice; and
(c) the transferor ceases to be a party to the specified contracts unless the transfer notice provides otherwise or except to the extent specified in the transfer notice.
(8) On and after the day on which a transfer notice takes effect –
(a) a specified contract is taken to have been made by the transfer recipient; and
(b) a reference to the transferor in a specified contract is taken to be or include, as appropriate, a reference to the transfer recipient.