157Property transferred to nominee

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157 Property transferred to nominee

On the relevant date—

S. 157(a) amended by No. 65/1995 s. 14(45).

(a) all property and rights, wherever located, that are allocated under an allocation statement to a person nominated by the Minister in a direction under section 155, vest in that person; and

S. 157(b) amended by No. 65/1995 s. 14(45).

(b) all liabilities, wherever located, that are allocated under an allocation statement to that person, become liabilities of that person.