Commonwealth Numbered Regulations Commonwealth Numbered Regulations(1) On the transfer day, the industry assets and liabilities (other than statutory records) in relation to Horticulture Australia Limited immediately before that day:
(a) cease to be industry assets and liabilities of Horticulture Australia Limited; and
(b) become industry assets and liabilities of the next industry services body without any conveyance, transfer or assignment.
(2) The next industry services body becomes the successor in law in relation to the industry assets and liabilities referred to in subsection (1).
Note: To avoid doubt, no tax is payable under a law of the Commonwealth in respect of the vesting of an industry asset or liability in the next industry services body under this instrument.
(3) If an asset that has become an asset of the next industry services body under this section was, immediately before the transfer day, held by Horticulture Australia Limited on trust, that asset is taken, on and after the transfer day, to be held by the next industry services body on trust and subject to the terms of the trust on which the asset was so held by Horticulture Australia Limited.
(4) Horticulture Australia Limited must provide reasonable assistance in relation to the transfer to the next industry services body of the industry assets and liabilities referred to in subsection (1). The assistance must be provided within a reasonable timeframe.
Example: Reasonable assistance may involve transferring documents or other things, signing instruments or giving notice under existing contracts.