Commonwealth Numbered Acts

AIRPORTS (TRANSITIONAL) ACT 1996 No. 36 of 1996 - SECT 23

(1) This section applies to an asset that has vested in the Commonwealth under
section 11 or 12.

(2) The Minister for Finance may, by written instrument, declare that, in the
event that a specified company is granted an airport lease for a specified
airport under section 21 or 22 on a specified day, a specified asset vests in
the company immediately after the grant without any conveyance, transfer or
assignment.

(3) The Minister for Finance may, by written instrument, declare that, in the
event that a specified company is granted an airport lease for a specified
airport under section 21 or 22 on a specified day, a specified instrument
relating to a specified asset continues to have effect after the asset vests
in the company as if a reference in the instrument to the FAC or the
Commonwealth were a reference to the company.

(4) The Minister for Finance may, by written instrument, declare that, in the
event that a specified company is granted an airport lease for a specified
airport under section 21 or 22 on a specified day, the company becomes the
Commonwealth's successor in law in relation to a specified asset immediately
after the asset vests in the company.

(5) A declaration under this section has effect accordingly.

(6) The Commonwealth may lease an asset to a company that was granted an
airport lease under section 21 or 22. Note: An asset or instrument may be
specified by name, by inclusion in a specified class or in any other way.