8Vesting of certain assets of the Administration

8 Vesting of certain assets of the Administration

(1) This section is made for the purposes of subitem 358(3) of Schedule 2 to the NILA Act. (2) This section applies to a device, software licence, or other thing if: (a) the device, software licence or other thing is required to read or access a document or record that meets the description of paragraphs 7(2)(a) and 7(2)(b) of this rule; and (b) the device, software licence, or other thing was an asset of the Administration immediately before the final transition time; and (c) there was no arrangement in place immediately before the final transition time for the information contained in the document or record to be provided to the Commonwealth in a form that can be read and accessed by the Commonwealth without the device, software licence or other thing, and as a result, the document or record is to be transferred to the Commonwealth under section 7 of this rule; and (d) the Commonwealth does not have its own device, software licence or other thing that enables it to read or access the document or record. Note: If an arrangement was in place immediately before the final transition time for the information to be provided to the Commonwealth in a form that can be read and accessed by the Commonwealth without such device, software licence or other thing, the record or document would be an excluded record and therefore would not need to be transferred to the Commonwealth under section 7 of this rule. In that case, this section does not apply. (3) Subitem 358(2) of Schedule 2 to the NILA Act does not apply to an asset to which this section applies. (4) At the final transition time, an asset to which this section applies: (a) ceases to be an asset of the Administration and becomes an asset of the Commonwealth without any conveyance, transfer or assignment; and (b) the Commonwealth becomes the successor in law in relation to the asset.