5Transfer of assets and liabilities

5 Transfer of assets and liabilities

(1)  In this section –

State tax means any of the following imposed by any Act or law of Tasmania:

(a) a fee;

(b) a tax or duty;

(c) a charge.

(2)  On the dissolution day –

(a) the assets of the Trust vest in the Crown; and

(b) the liabilities of the Trust become the liabilities of the Crown.

(3)  State tax is not payable in respect of any document prepared, or transfer or transaction done, to give effect to subsection (2) .