20Transfer of assets and liabilities to Corporation

### 20 Transfer of assets and liabilities to Corporation > > (1)  In this section – > > > > > ***State tax*** means any of the following if imposed by any Act or law of Tasmania: > > > > > > > > (a) a fee, including an application fee and registration fee; > > > > > > > > > (b) a tax, including a duty; > > > > > > > > > (c) a charge. > > > (2)  On the transfer day – > > > > > > (a) the assets of each of the port companies vest in the Corporation; and > > > > > > > (b) the liabilities of each of the port companies become the liabilities of the Corporation. > > > (3)  For the purposes of the application of [subsection (2)](#GS20@Gs2@EN) , a notice made under [section 25](#GS25@EN) is taken to take effect immediately before assets vest in, and liabilities become the liabilities of, the Corporation by reason of [subsection (2)](#GS20@Gs2@EN) . > > > (4)  State tax is not payable in respect of any document prepared to give effect to [subsection (2)](#GS20@Gs2@EN) .