Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The assets, powers, rights, liabilities and obligations of the old body corporate are to be treated, on and after the restructuring day, as assets, powers, rights, liabilities and obligations of the restructured body corporate.
(2) Subsection (1) extends, so far as the powers of the Parliament permit, to:
(a) assets situated outside Australia and powers conferred by, or rights existing under, the law of a foreign country; and
(b) liabilities or obligations arising under the law of a foreign country.