Victorian Current Acts

DAIRY ACT 2000 - SECT 65

    (1)     In this section independent entity means a company limited by guarantee which—

        (a)     is formed for the purpose of managing the investment of funds to maximise the benefits to all sectors of the Victorian dairy industry and to dairy communities; and

        (b)     is designated for the purpose of this section by the Minister by notice published in the Government Gazette.

    (2)     On the commencement of this section—

        (a)     assets of the Victorian Dairy Industry Authority which are designated by the Minister for the purposes of this section are by virtue of this Act vested in the independent entity;

        (b)     such liabilities of the Victorian Dairy Industry Authority as are designated by the Minister for the purposes of this section are by virtue of this Act liabilities of the independent entity;

        (c)     the independent entity is by virtue of this section substituted as a party to any arrangement, agreement or contract—

              (i)     relating to the assets designated under paragraph (a) and the liabilities designated under paragraph (b); or

              (ii)     relating to research and development that may be assigned to the independent entity by the Minister under this section.