Financial Framework Legislation Amendment Act 2010 (148 of 2010)

Schedule 2   Amendment of the Australian Law Reform Commission Act 1996

Part 2   Transitional provisions

55   Vesting of financial liabilities

When this Schedule commences:

(a) any financial liabilities of, or relating to property or money held on trust by, the Commission immediately before this Schedule commences:

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

(ii) become financial liabilities of, or relating to property or money 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 those liabilities.