On the commencement day—
(a) all property and rights of the Secretary DIIRD body corporate (except the property and rights of the Secretary DIIRD body corporate in relation to a specified transport project) vest in the Secretary, Project Development; and
(b) all liabilities of the Secretary DIIRD body corporate (except the liabilities of the Secretary DIIRD body corporate in relation to a specified transport project) become liabilities of the Secretary, Project Development.
New s. 49 inserted by No. 30/2020 s. 20.