Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The Minister may, in writing, declare that a specified asset of the Commonwealth that was, before the commencement, used by the old Department is to be transferred to Indigenous Business Australia or to the Indigenous Land Corporation.
(2) Where the Minister makes a declaration under subsection (1), the asset specified in the declaration becomes an asset of Indigenous Business Australia or of the Indigenous Land Corporation, as provided by the declaration.
(3) The Minister may, in writing, declare that a specified liability of the Commonwealth incurred before the commencement in connection with the operation of the old Department is to become a liability of Indigenous Business Australia or of the Indigenous Land Corporation.
(4) Where the Minister makes a declaration under subsection (3), the liability specified in the declaration becomes a liability of Indigenous Business Australia or of the Indigenous Land Corporation, as provided by the declaration.
(5) Liabilities of the Commonwealth that have become liabilities of Indigenous Business Australia or of the Indigenous Land Corporation because of subsection (4) are, after the commencement, taken to be liabilities incurred by Indigenous Business Australia or by the Indigenous Land Corporation, as the case requires, in the performance of its functions and the exercise of its powers.