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

Schedule 2   Application and transitional provisions

Part 3   Application and transitional provisions for APRA

11   Pre-existing property, money and financial liabilities

(1) Any real or personal property or money that is held by APRA immediately before the commencement time is taken, immediately after that time, to be held by APRA for and on behalf of the Commonwealth.

(2) Any financial liabilities of APRA that exist immediately before the commencement time are taken, immediately after that time, to be liabilities of the Commonwealth.

(3) After the commencement time, there must be credited to the Australian Prudential Regulation Authority Special Account an amount equal to the total of all money held by APRA immediately before the commencement time.