Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies to a contract (other than a contract of employment) to which the FAC is a party.
(2) The Finance Minister may, by written instrument, declare that the FAC's rights and obligations under a specified contract:
(a) cease to be rights and obligations of the FAC at a specified time; and
(b) become rights and obligations of the Commonwealth immediately after that time.
(3) The Finance Minister may, by written instrument, declare that a specified contract continues to have effect, after the FAC's rights and obligations under the contract become rights and obligations of the Commonwealth, as if a reference in the contract to the FAC were a reference to the Commonwealth.
(4) The Finance Minister may, by written instrument, declare that a specified instrument relating to a specified contract continues to have effect, after the FAC's rights and obligations under the contract become rights and obligations of the Commonwealth, as if a reference in the instrument to the FAC were a reference to the Commonwealth.
(5) The Finance Minister may, by written instrument, declare that the Commonwealth becomes the FAC's successor in law, in relation to the FAC's rights and obligations under a specified contract, immediately after the FAC's rights and obligations under the contract become rights and obligations of the Commonwealth.
(6) A declaration under this section has effect accordingly.
(7) This section does not, by implication, limit section 12.
Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.