Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Where an R&D Corporation ceases to exist as a result of the repeal of regulations made under section 8 declaring the establishment of the Corporation, all the assets held by the Corporation immediately before the cessation are, on the cessation, to be taken to have been transferred to the Commonwealth.
(2) Before disposing of any of the assets so transferred, the Commonwealth must have regard to the views of each of the representative organisations concerning the disposal.
(4) Where an asset held by an R&D Corporation is transferred to the Commonwealth under this section, the Commonwealth becomes liable to pay and discharge all debts, liabilities and obligations of the Corporation (if any) that existed in respect of the asset immediately before the transfer.