Commonwealth Numbered Acts

PAPUA NEW GUINEA (STAFFING ASSISTANCE) TERMINATION ACT 1976 No. 69, 1976 - SECT 23

PART III-TRANSITIONAL PROVISIONS
23. (1) In this Part unless the contrary intention appears-

''assets'' means property of every kind and, without limiting the generality
of the foregoing, includes-

   (a)  choses in action; and

   (b)  rights, interests and claims of every kind in or to property whether
        arising under or by virtue of the Principal Act or any instrument or
        otherwise, and whether liquidated or unliquidated, certain or
        contingent, accrued or accruing;

''authorized person'' means a person authorized in writing by the Treasurer
for the purposes of section 28;

''commencing date'' means the date of commencement of the provision in which
the expression appears;

''instrument to which this Part applies'' means an instrument-

   (a)  to which a Board is a party;

   (b)  which was given to or in favour of a Board;

   (c)  in which a reference is made to a Board; or

   (d)  under which any money is or may become payable, or any other property
        is to be, or may become liable to be, transferred, conveyed or
        assigned to or by a Board,

being an instrument subsisting immediately before the commencing date;

''liabilities'' means liabilities of every kind and, without limiting the
generality of the foregoing, includes obligations of every kind, whether
arising under or by virtue of the Principal Act or any instrument or
otherwise, and whether liquidated or unliquidated, certain or contingent,
accrued or accruing;

'' Superannuation Regulations'' means the Papua New Guinea (Staffing
Assistance) (Superannuation) Regulations;

''Termination of Employment Regulations'' means the Papua New Guinea (Staffing
Assistance) (Termination of Employment) Regulations.

(2) For the purposes of this Part, it is hereby declared that-

   (a)  an asset held by a Board on behalf of a Fund shall be taken to be an
        asset of that Fund; and

   (b)  a liability incurred by a Board on behalf of a Fund shall be taken to
        be a liability of that Fund.