Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) On the winding - up day:
(a) all prescribed rights that, immediately before that day were vested in the Corporation vest on that day, by force of this subsection, in the Commonwealth; and
(b) the Commonwealth becomes, by force of this subsection, liable to pay or discharge any prescribed debts of the Corporation that existed immediately before that day.
(2) Any prescribed contract to which the Corporation was a party immediately before the winding - up day has effect on and after that day as if:
(a) the Commonwealth were substituted for the Corporation as a party to the contract; and
(b) any reference in the contract to the Corporation were (except in relation to things that happened before that day) a reference to the Commonwealth.
(3) If, immediately before the winding - up day, prescribed proceedings to which the Corporation was a party were pending in any court, the Commonwealth is, on that day, by force of this subsection, substituted for the Corporation as a party to the proceedings and has the same rights in the proceedings as the Corporation had.
(4) Where any interest in land situated in a State or Territory vests in the Commonwealth under this section, the Secretary may lodge with the Registrar - General, Registrar of Titles or other appropriate officer of that State or Territory a notice signed by the Secretary, or by a person authorised by the Secretary for the purpose, stating that that interest is vested in the Commonwealth by this section, and the person with whom the notice is so lodged may make such entries in his or her registers, and do such other things, as are necessary to reflect the vesting of that interest in the Commonwealth.
(5) In this section:
"prescribed contract" means a contract other than a contract referred to in section 6B or an insurance contract within the meaning of section 38B.
"prescribed debt" means any debt, liability or obligation other than a debt, liability or obligation referred to in section 6B or an insurance debt within the meaning of section 38B.
"prescribed proceedings" means proceedings other than proceedings referred to in section 6B or insurance proceedings within the meaning of section 38B.
"prescribed right" means any right, property or assets other than a right, title or interest referred to in section 6B or an insurance right within the meaning of section 38B.