Governance Review Implementation (Treasury Portfolio Agencies) Act 2007 (74 of 2007)

Schedule 1   Amendments

Part 1   ASIC

Corporations Act 2001

26   After subsection 601AE(2)

Insert:

Obligations attaching to property vested in the Commonwealth

(2A) For the purposes of subsection (3), if any liability is imposed on property under a law of the Commonwealth immediately before the property vests in the Commonwealth under subsection 601AD(1A), then:

(a) immediately after that time, the liability applies to the Commonwealth as if the Commonwealth were a body corporate; and

(b) the Commonwealth is liable to make notional payments to discharge that liability.