16Transfer of liabilities of statutory authorities

16 Transfer of liabilities of statutory authorities

(1) This section provides for a liability of a statutory authority (the transferor) to become a liability of: (a) the successor body (the transferee); or (b) the Commonwealth (the transferee). (2) The Minister may, in writing, make any or all of the following declarations in relation to the liability: (a) a declaration that the liability vests in the transferee at the transfer time without any conveyance, transfer or assignment; (b) a declaration that a specified instrument relating to the liability continues to have effect after the transfer time as if a reference in the instrument to the transferor were a reference to the transferee; (c) a declaration that the transferee becomes the transferor’s successor in law in relation to the liability immediately after the transfer time. (3) The declaration has effect accordingly.

Note: For the purposes of this section, a liability or instrument may be specified by name, by inclusion in a specified class or in any other way.

(4) The Consolidated Revenue Fund is appropriated for the purposes of payments by the Commonwealth for, or in connection with, the discharge of any liabilities that become liabilities of the Commonwealth under this section.