Northern Territory Consolidated Acts

TERRITORY INSURANCE OFFICE (SALE) ACT 2014 - SECT 17

    (1)     A transfer order:

        (a)     takes effect on the date it is made or a later date specified in it; and

        (b)     has effect according to its terms.

    (2)     Anything that occurs by operation of a transfer order has effect:

        (a)     without the need for any separate transfer, conveyance, assignment or novation; and

        (b)     despite anything in any law in force at the time the order is made.

    (3)     If a transfer order provides that a purchaser becomes the successor in law of TIO to the extent of all or part of the insurance business or banking business, that succession has effect as if:

        (a)     the purchaser were a continuation of, and the same legal entity as, TIO to that extent; and

        (b)     TIO had, to that extent, ceased to exist.

Note for subsection (3)

The body corporate currently called the Territory Insurance Office will continue in existence after the sale of the insurance business and banking business. However, as a result of amendments and repeals to be made by Part 6 and the enactment of the MACC Act:

(a)     on the insurance sale date, TIO will become the MAC Commission and will cease to have power to conduct the insurance business; and

(b)     on the banking sale date, TIO will cease to have power to conduct the banking business.