(1)  On the incorporation day –

(a) the property of TAB vests in the Company; and

(b) the liabilities of TAB become the liabilities of the Company.

(2)  State tax is not payable in respect of any document prepared to give effect to subsection (1) .

(3)  In this section,

State tax means application or registration fees, stamp duty or any other tax, duty, fee or charge imposed by any Act or law of Tasmania.