5Transfer of assets and liabilities

5 Transfer of assets and liabilities

(1)  On the commencement day –

(a) the assets of the Jim Bacon Foundation vest in the Ponting Foundation; and

(b) the liabilities of the Jim Bacon Foundation become the liabilities of the Crown.

(2)  State tax is not payable in respect of any document prepared, or transfer or transaction done, to give effect to subsection (1) .

(3)  In this section –

State tax means any of the following imposed by an Act or law of this State:

(a) a fee;

(b) a tax or duty;

(c) a charge.