Norfolk Island Legislation Amendment Act 2015 (59 of 2015)
Schedule 2 Final arrangements etc.
Part 2 Transitional provisions
Division 3 Transfer of assets and liabilities
359 Vesting of liabilities of the Administration
(1) This item applies to a liability of the Administration immediately before the final transition time.
(2) Subject to subitem (3), the following provisions have effect:
(a) at the final transition time, the liability ceases to be a liability of the Administration and becomes a liability of the Norfolk Island Regional Council without any conveyance, transfer or assignment;
(b) the Norfolk Island Regional Council becomes the successor in law in relation to the liability.
(3) The transitional rules may provide that:
(a) subitem (2) does not apply to one or more specified liabilities; and
(b) at the final transition time, the specified liabilities cease to be liabilities of the Administration and become liabilities of the Commonwealth without any conveyance, transfer or assignment; and
(c) the Commonwealth becomes the successor in law in relation to the specified liabilities.