37Transfer of assets from Commonwealth to Tourism Australia

37 Transfer of assets from Commonwealth to Tourism Australia

(1) The Minister may, in writing, make any or all of the following declarations in relation to an asset of the Commonwealth that is, or relates to, a tourism trade mark: (a) a declaration that the asset vests in Tourism Australia on the proclamation day without any conveyance, transfer or assignment; (b) a declaration that a specified instrument relating to the asset continues to have effect on and after the proclamation day as if a reference in the instrument to the Commonwealth were a reference to Tourism Australia; (c) a declaration that Tourism Australia becomes the Commonwealth’s successor in law in relation to the asset on the proclamation day.

Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.

(2) The declaration has effect accordingly.