Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies to an asset of the FAC.
(2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified asset vests in the company immediately after the grant without any conveyance, transfer or assignment.
(3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified asset continues to have effect after the asset vests in the company as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.
(4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC's successor in law in relation to a specified asset immediately after the asset vests in the company.
(5) A declaration under this section has effect accordingly.
(6) Any consideration payable for the transfer of an asset under this section is payable to the Commonwealth instead of to the FAC.
Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.