Australian Capital Territory Numbered Acts Australian Capital Territory Numbered Acts5. (1) Rights and liabilities of the Board existing immediately before the relevant day shall, by force of this subsection, vest in the Company on the relevant day except to the extent that the Minister specifies under subsection (2) rights and liabilities of the Board that vest in the Territory.
(2) For the purposes of subsection (1), the Minister may, by notice in writing published in the Gazette before the relevant day, specify rights and liabilities of the Board that vest in the Territory.
(3) A notice under subsection (2) may provide that the Territory is substituted for the Board in a contract, agreement or arrangement specified in the notice and the notice shall be taken to specify the rights and liabilities of the Board in the contract, agreement or arrangement.
(4) Rights and liabilities specified or taken to be specified in a notice under subsection (2) shall, by force of this subsection, vest in the Territory on the relevant day.
(5) A reference to the Board in a contract, agreement or arrangement shall (except in relation to matters that occurred before the relevant day) be read as a reference—
(a) in the case of a contract, agreement or arrangement affected by subsection (1)—to the Company; and
(b) in the case of a contract, agreement or arrangement affected by subsection (4)—to the Territory.
(6) This section does not apply to any contract under which the Board was an employer.