Financial Framework Legislation Amendment Act 2010 (148 of 2010)

Schedule 2   Amendment of the Australian Law Reform Commission Act 1996

Part 2   Transitional provisions

54   Vesting of property and money

(1) When this Schedule commences:

(a) any real or personal property or money of, or held on trust by, the Commission immediately before this Schedule commences:

(i) ceases to be property or money of, or held on trust by, the Commission; and

(ii) becomes the property or money of, or held on trust by, the Commonwealth, without any conveyance, transfer or assignment; and

(b) the Commonwealth becomes the Commission's successor in law in relation to that property or money.

(2) When this Schedule commences, an amount equal to the money that the Commission had immediately before the commencement must be credited to the Law Reform Special Account.