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) , a notice made under section 25 is taken to take effect immediately before assets vest in, and liabilities become the liabilities of, the Corporation by reason of subsection (2) .

(4)  State tax is not payable in respect of any document prepared to give effect to subsection (2) .