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, 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 FAC's rights and obligations under a specified contract:
(a) cease to be rights and obligations of the FAC immediately after the grant; and
(b) become rights and obligations of the company immediately after the grant.
(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 contract continues to have effect after the grant as if a reference in the contract 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, 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 company, as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.
(5) 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 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 company.
(6) A declaration under this section has effect accordingly.
(7) This section does not, by implication, limit section 30.
(8) Any consideration payable for a transfer under this section is payable to the Commonwealth instead of to the FAC.
Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.