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PIG INDUSTRY ACT 2001 No. 30, 2001 - SECT 15
Transfer of assets of statutory authorities
- (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.
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