Australian Capital Territory Current Acts

FINANCIAL MANAGEMENT ACT 1996 - SECT 115

    (1)     This section applies if—

        (a)     an entity (the successor ) becomes the successor in law of someone else (the original entity ) at a particular time (the handover time ) in relation to a particular asset, right or liability because of a declaration made by a Minister under this division; and

        (b)     a proceeding to which the original entity was a party was pending in a court or other entity immediately before the handover time; and

        (c)     the proceeding related, completely or partly, to the asset, right or liability.

    (2)     The successor is, by force of this subsection, substituted for the original entity as a party to the proceeding to the extent to which the proceeding relates to the asset, right or liability.

    (3)     The court or other entity in which, or before which, a proceeding has been continued under this section may give directions about the proceeding.

    (4)     However, subsection (2) does not apply if the responsible Minister for the original entity determines otherwise.

    (5)     A determination under subsection (4) is a notifiable instrument.

Note     A notifiable instrument must be notified under the Legislation Act

.