Sch 12Dissolution of General Reserves Trust

Schedule 12—Dissolution of General Reserves Trust 1—Interpretation In this Schedule— asset includes— (a) a present, contingent or future legal or equitable estate or interest in real or personal property; or (b) a present, contingent or future right, power, privilege or immunity, (and includes a present or future cause of action in favour of the General Reserves Trust); General Reserves Fund means the General Reserves Fund continued in existence under section 45M of this Act after the commencement of this Schedule; General Reserves Trust means the General Reserves Trust established by proclamation under section 45B of the Act on 30 November 1978 (see Gazette 30.11.1978 p2096 and 2097); liability includes a present, contingent or future liability or obligation (including a non‑pecuniary obligation and a present or future cause of action against the General Reserves Trust). 2—Dissolution of General Reserves Trust The General Reserves Trust is dissolved and all members of the Trust holding office immediately before the commencement of this clause cease to hold office. 3—Vesting of property etc in Minister (1) All assets, rights and liabilities of the General Reserves Trust are transferred to the Minister. (2) The vesting of assets or liabilities under this clause operates by force of this clause and despite the provisions of any other law or instrument. (3) The Registrar‑General or another authority required or authorised under a law of the State to register or record transactions affecting assets or liabilities, or documents relating to such transactions, must, on application under this clause, register or record in an appropriate manner a vesting under this clause. (4) No fee is payable in respect of an application under subclause (3). (5) Subject to subclause (6), a reference in any instrument or contract, agreement or other document to the General Reserves Trust will have effect as if it were a reference to the Minister. (6) Subclause (5) does not apply to any reference excluded by the Governor by proclamation. (7) Subclause (5) has effect despite the provisions of any other law or instrument. (8) Nothing done under this clause— (a) constitutes a breach of, or default under, an Act or other law; or (b) constitutes a breach of, or default under, a contract, agreement, understanding or undertaking; or (c) constitutes a breach of a duty of confidence (whether arising by contract, in equity or by custom or in any other way); or (d) constitutes a civil or criminal wrong; or (e) terminates an agreement or obligation or fulfils any condition that allows a person to terminate an agreement or obligation, or gives rise to any other right or remedy; or (f) releases a surety or other obligee wholly or in part from an obligation.