Commonwealth Numbered Acts

HEALTH INSURANCE COMMISSION (REFORM AND SEPARATION OF FUNCTIONS) ACT 1997 No. 159 of 1997 - SECT 17

(1) This section applies to an asset of the Commission.

(2) The Minister may, by writing, make any or all of the following
declarations:

   (a)  a declaration that a specified asset vests in the nominated company at
        a specified time without any conveyance, transfer or assignment;

   (b)  a declaration that a specified instrument relating to a specified
        asset continues to have effect after the asset vests in the nominated
        company as if a reference in the instrument to the Commission were a
        reference to the nominated company;

   (c)  a declaration that the nominated company becomes the Commission's
        successor in law in relation to a specified asset immediately after
        the asset vests in the nominated company. Note: An asset or instrument
        may be specified by name, by inclusion in a specified class or in any
        other way.

(3) A declaration under subsection (2) has effect accordingly.

(4) A copy of a declaration under subsection (2) is to be published in the
Gazette within 14 days after the making of the declaration.

(5) If a declaration under subsection (2) relates to an asset of the Medibank
Private fund, the time specified under paragraph (2)(a) must be a time that
occurs during the fund-transfer day.

(6) Subsection (2) does not prevent the Commission from transferring an asset
to the nominated company otherwise than under that subsection.

(7) If a share in a company (the first company) vests in the nominated company
under this section, the first company must register the nominated company as
the holder of the share.

(8) Subsection (7) has effect despite anything in the Corporations Law.