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

Schedule 2   Application and transitional provisions

Part 2   Application and transitional provisions for ASIC and CAMAC

Division 2   Transitional provisions for ASIC

4   Vesting of other assets held on trust by ASIC

(1) This item applies to any other assets held on trust by ASIC immediately before the commencement time.

(2) At the commencement time, the assets to which this item applies cease to be assets held on trust by ASIC and become assets held on trust by the Commonwealth, without any conveyance, transfer or assignment. The Commonwealth becomes the successor in law in relation to those assets.

Note: ASIC may, for and on behalf of the Commonwealth, perform all the duties and exercise all the powers of the Commonwealth as trustee in relation to assets held on trust by the Commonwealth (see subsection 8(6) of the Australian Securities and Investments Commission Act 2001).