Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) At the commencement, the assets and liabilities of the Arts Institute become assets and liabilities of the University.
(2) The following provisions apply to assets and liabilities that have become assets and liabilities of the University because of subsection ( 1):
(a) an asset that was, immediately before the commencement, held by the Arts Institute on trust must, after the commencement, be held by the University on trust and subject to the terms of the trust on which the asset was so held by the Arts Institute;
(b) liabilities of the Arts Institute to make payments must, after the commencement, be taken to be liabilities incurred by the University in the performance of its functions and the exercise of its powers.