Commonwealth Consolidated Acts

HORTICULTURE MARKETING AND RESEARCH AND DEVELOPMENT SERVICES (REPEALS AND CONSEQUENTIAL PROVISIONS) ACT 2000 - SECT 16

  (1)   This section applies to:

  (a)   the assets of a statutory authority (other than the ADF Trust Amount); and

  (b)   the liabilities of a statutory authority (other than a liability referred to in section   28).

Note:   The transfer of the ADF Trust Amount is dealt with in section   17.

  (3)   On the transfer day:

  (a)   the assets and liabilities cease to be assets and liabilities of the authority and become assets and liabilities of the industry services body without any conveyance, transfer or assignment; and

  (b)   the industry services body becomes the statutory authority's successor in law in relation to the assets and liabilities immediately after they become assets and liabilities of the industry services body.

Note:   See also sections   18 and 21.