7Rights etc under transferred contracts or collateral documents

7 Rights etc under transferred contracts or collateral documents

(1) Rights, obligations and liabilities of the Commonwealth under a transferred contract, and under any document that is collateral to such a transferred contract, become, on and after 1 July 1978, rights, obligations, and liabilities of the Northern Territory of Australia. (2) Where, immediately before 1 July 1978, an amount of money was due to or by the Commonwealth under a transferred contract, that amount of money remains due to or by the Commonwealth until it is paid.