Commonwealth Numbered Acts

CORPORATIONS LEGISLATION AMENDMENT ACT 1991 No. 110 of 1991 - SECT 23

23. At the end of the Principal Act the following Part is added:
                 "PART 16 - TRANSITIONAL
Interpretation

"253. In this Part, unless the contrary intention appears: `assets" means
property of every kind, and includes, but is not limited to:

   (a)  choses in action; and

   (b)  rights, interests and claims of every kind in or to property, whether
        arising under or by virtue of an instrument or otherwise, and whether
        liquidated or unliquidated, certain or contingent, accrued or
        accruing; `authorised officer" means:

   (a)  the Minister; or

   (b)  the Chairperson; or

   (c)  a member of the staff of the Commission authorised by the Minister in
        writing for the purposes of this Part; `commencement", when used in a
        provision of this Part, means the commencement of that provision;
        `liabilities" means liabilities of every kind, and includes, but is
        not limited to, obligations of every kind, whether arising under or by
        virtue of an instrument or otherwise, and whether liquidated or
        unliquidated, certain or contingent, accrued or accruing; `NCSC Act"
        means the National Companies and Securities Commission Act 1979; `NCSC
        instrument" means an instrument:

   (a)  to which the NCSC was a party; or

   (b)  that was given to or in favour of the NCSC; or

   (c)  in which a reference is made to the NCSC; or

   (d)  under which money is or may become payable, or any other property is
        to be, or may become liable to be, transferred, to or by the NCSC;
        being an instrument subsisting immediately before the commencement of
        the provision in which the expression is used; `section 462 assets"
        means assets held by the NCSC in relation to which section 462 of the
        Companies Act 1981 or a corresponding law of this or another
        jurisdiction applies, whether with modifications or not; `trust assets
        of the NCSC" means:

   (a)  assets received or held by the NCSC as mentioned in section 43 of the
        NCSC Act; and

   (b)  section 462 assets. Trust assets of NCSC

"254. At the commencement:

   (a)  the trust assets of the NCSC become assets of the Commission; and

   (b)  subject to any written declaration to the contrary made by the
        Minister, any liabilities that are associated with those assets become
        liabilities of the Commission. Money of NCSC

"255. At the commencement, money held by the NCSC that:

   (a)  was paid to the NCSC under section 26 of the NCSC Act; or

   (b)  was received by the NCSC in accordance with section 27 of the NCSC
        Act; becomes money of the Commonwealth and is to be paid into the
        Consolidated Revenue Fund. Other assets and liabilities of NCSC

"256. (1) At the commencement, the remaining assets and liabilities of the
NCSC become assets and liabilities of the Commonwealth.

"(2) The Minister may declare in writing that a specified asset or liability
covered by subsection (1) does not become an asset or liability of the
Commonwealth.

"(3) Where the Minister makes a declaration under subsection (2), the asset or
liability concerned becomes an asset or liability of the Commission.

"(4) Where the Minister makes a declaration under subsection (2) in relation
to an asset, any liabilities that are associated with the asset and are
specified in the direction become liabilities of the Commission. Effect of
transfer of assets and liabilities to Commission

"257. The following provisions apply to assets or liabilities that become
assets or liabilities of the Commission because of section 254 or 256:

   (a)  an asset that was, immediately before the commencement of the section
        concerned, held by the NCSC on trust is, after that commencement, to
        be held by the Commission on trust and subject to the terms of the
        trust on which the asset was so held by the NCSC;

   (b)  liabilities of the NCSC to make payments are, after the commencement
        of the section concerned, taken to be liabilities incurred by the
        Commission in the performance of its functions and the exercise of its
        powers. NCSC instruments

"258. (1) An NCSC instrument continues to have effect after the commencement
but, in its operation in relation to acts, transactions, matters or things
done, entered into or occurring after that commencement, has effect as if a
reference in the instrument to the NCSC were a reference to the appropriate
new body.

"(2) For the purposes of the application of subsection (1) in relation to an
NCSC instrument, the appropriate new body is:

   (a)  in so far as the instrument relates to an asset or liability that has,
        because of section 254 or 256, become an asset or liability of the
        Commission - the Commission; and

   (b)  otherwise - the Commonwealth. Pending proceedings

"259. (1) Subject to this Law, where, immediately before the commencement,
proceedings to which the NCSC was a party (not being co-operative scheme
proceedings) were pending in any court or tribunal of this jurisdiction, the
Commonwealth is, after the commencement, substituted for the NCSC as a party
to the proceedings and has the same rights in the proceedings as the NCSC had.

"(2) A right of action in favour of or against the NCSC existing immediately
before the commencement (not being a right of action arising under a
co-operative scheme law) is, after the commencement, taken to be a right of
action in favour of or against the Commonwealth.

"(3) In this section: `co-operative scheme law" means a relevant previous law
of this or any other jurisdiction; `co-operative scheme proceedings" means
proceedings arising under a co-operative scheme law, including proceedings
relating to trust assets of the NCSC. Certificates relating to assets,
liabilities and instruments

"260. (1) An authorised officer may certify, in writing, that:

   (a)  an asset or liability specified or described in the certificate
        became, because of section 254 or 256 or a corresponding law, an asset
        or liability of the Commission; or

   (b)  an asset or liability specified or described in the certificate
        became, because of section 256 or a corresponding law, an asset or
        liability of the Commonwealth; or

   (c)  an instrument specified or described in the certificate is an NCSC
        instrument.

"(2) A certificate under subsection (1) or a corresponding law is, in all
courts and for all purposes, evidence of the matter stated in the certificate.

"(3) Where a document purports to be a certificate under subsection (1) or a
corresponding law signed by a person purporting to be an authorised officer,
judicial notice is to be taken of the signature of the person and of the fact
that the person is or was an authorised officer. Exemption from taxation

"261. An instrument is not subject to stamp duty or any other tax under an
Act, or any other law, of this jurisdiction if an authorised officer
certifies, in writing, that the instrument was made or given because of, or
for a purpose connected with or arising out of, the operation of this Part or
a corresponding law. Pending proceedings etc. by or against the NCSC

"262. (1) Where, immediately before the commencement, co-operative scheme
proceedings to which the NCSC was a party were pending in any court or
tribunal, the Commission is, after the commencement, substituted for the NCSC
as a party to the proceedings and has the same rights in the proceedings as
the NCSC had.

"(2) A right of action in favour of or against the NCSC existing immediately
before the commencement (being a right of action arising under a relevant
previous law of this jurisdiction) is, after the commencement, taken to be a
right of action in favour of or against the Commission.

"(3) In this section: `co-operative scheme proceedings" means proceedings
arising under a relevant previous law of this jurisdiction, including
proceedings relating to trust assets of the NCSC.".