Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies to a contract (other than a contract of employment) to which a restructuring body (the transferor ) is a party. This section provides for another restructuring body (the transferee ) to be substituted for the transferor for various purposes.
(2) The Minister may, in writing, declare that the transferor's rights and obligations under the contract:
(a) cease to be rights and obligations of the transferor at a specified time; and
(b) become rights and obligations of the transferee at that time.
(3) The Minister may, by writing, declare that the contract continues to have effect after a specified time as if a reference in the contract to the transferor were a reference to the transferee.
(4) The Minister may, by writing, declare that a specified instrument relating to the contract continues to have effect, after the rights and obligations of the transferor under the contract become rights and obligations of the transferee, as if a reference in the instrument to the transferor were a reference to the transferee.
(5) The Minister may, by writing, declare that the transferee becomes the successor in law of the transferor, in relation to the transferor's rights and obligations under the contract, immediately after the transferor's rights and obligations under the contract become rights and obligations of the transferee.
(6) A declaration under this section has effect accordingly.
(7) A copy of a declaration under this section is to be published in the Gazette within 14 days after the making of the declaration.
(8) A time specified under subsection ( 2) or (3) must be before the conversion time.
(9) This section does not, by implication, limit section 10 or 12.
(10) In this section:
"contract" includes:
(a) a deed; and
(b) a deed poll.
Note: For the purposes of this section, a liability or instrument may be specified by name, by inclusion in a specified class or in any other way.