Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section provides for an asset of a statutory authority (the transferor ) to become an asset of:
(a) the successor body (the transferee ); or
(b) the Commonwealth (the transferee ).
(2) The Minister may, in writing, make any or all of the following declarations in relation to the asset:
(a) a declaration that the asset vests in the transferee at the transfer time without any conveyance, transfer or assignment;
(b) a declaration that a specified instrument relating to the asset continues to have effect after the transfer time as if a reference in the instrument to the transferor were a reference to the transferee;
(c) a declaration that the transferee becomes the transferor's successor in law in relation to the asset immediately after the transfer time.
Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.
(3) The declaration has effect accordingly.
(4) The Minister, on behalf of the Commonwealth, may sell any asset that vests in the Commonwealth under this section.