54Transfer of property and obligations

54 Transfer of property and obligations

(1)  The Minister, by notice published in the Gazette, may transfer any property (other than Crown land), rights and obligations, whether actual, prospective or contingent, of the Crown to the Corporation as specified in that notice if the Corporation has agreed to the transfer.

(2)  On the day on which a notice under subsection (1) takes effect –

(a) the property and rights specified in the notice vest in the Corporation; and

(b) the obligations specified in the notice become obligations of the Corporation.

(3)  A notice under subsection (1) is not a statutory rule for the purposes of the Rules Publication Act 1953 .