Australian Capital Territory Current Acts

FINANCIAL MANAGEMENT ACT 1996 - SECT 107

    (1)     The responsible Minister for a division 9.6 authority may make 1 or more of the following declarations (a transfer declaration ) in relation to an asset of, or held by, the authority:

        (a)     a declaration that the stated asset vests in a stated entity at a stated time without a conveyance, transfer or assignment;

        (b)     a declaration that a stated instrument relating to the asset continues to have effect after the asset vests in a stated entity as if a reference in the instrument to the authority were a reference to the entity;

        (c)     a declaration that a stated entity becomes the authority's successor in law in relation to the asset after the asset vests in the entity.

    (2)     A transfer declaration has effect in accordance with its terms.

    (3)     A transfer declaration is a notifiable instrument.

Note     A notifiable instrument must be notified under the Legislation Act

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    (4)     To remove any doubt, the making of a transfer declaration in relation to an asset of, or held by, a division 9.6 authority does not prevent the authority from transferring assets not dealt with in the declaration otherwise than in accordance with the declaration.

    (5)     To remove any doubt, this section is additional to, and does not limit, any other provision of this division.