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.