Commonwealth Consolidated Acts

COMMONWEALTH FUNCTIONS (STATUTES REVIEW) ACT 1981 - SECT 7

(1)

The Authority shall, if so directed by the Minister, enter into an agreement with a person designated by the Minister for the sale to that person, on terms and conditions specified by the Minister, of such rights, property or assets of the Authority as are referred to in the agreement, with effect on and from the commencement of a day specified in, or ascertained in accordance with, the agreement.

(2)

An agreement entered into under subsection (1) may provide for the purchaser to undertake to pay or discharge such debts, liabilities or obligations of the Authority as are referred to in the agreement.

(3)

In an agreement entered into under subsection (1):

(a)

a reference to rights, property or assets of the Authority may be a reference to all those rights, property or assets, to such of those rights, property or assets as are specified in the agreement or to all those rights, property or assets other than such of those rights, property or assets as are specified in the agreement; and

(b)

a reference to debts, liabilities or obligations of the Authority may be a reference to all those debts, liabilities or obligations, to such of those debts, liabilities or obligations as are specified in the agreement or to all those debts, liabilities or obligations other than such of those debts, liabilities or obligations as are specified in the agreement.