Australian Capital Territory Current Acts

FINANCIAL MANAGEMENT ACT 1996 - SECT 108

    (1)     The responsible Minister for a division 9.6 authority may declare that the authority's rights and liabilities under a stated contract to which the authority is party—

        (a)     stop being the rights and liabilities of the authority at a stated time; and

        (b)     become rights and liabilities of a stated entity at that time.

    (2)     The responsible Minister for a division 9.6 authority may declare that a stated contract continues to have effect after a stated time as if a reference in the contract were a reference to a stated entity.

    (3)     The responsible Minister for a division 9.6 authority may declare that a stated instrument relating to a stated contract continues to have effect after the authority's rights and liabilities under the contract become rights and liabilities of a stated entity as if a reference in the instrument to the authority were a reference to the entity.

    (4)     The responsible Minister for a division 9.6 authority may declare that a stated person becomes the authority's successor in law, in relation to the authority's rights and liabilities under a stated contract, immediately after the authority's rights and liabilities under the contract become rights and liabilities of the entity.

    (5)     A declaration under this section has effect according to its terms.

    (6)     A declaration under this section is a notifiable instrument.

Note     A notifiable instrument must be notified under the Legislation Act

.

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