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Housing Loans Insurance Corporation (Transfer of Pre-transfer Contracts) Bill 2006

Part 1 Preliminary

   

1   Short title

                   This Act may be cited as the Housing Loans Insurance Corporation (Transfer of Pre-transfer Contracts) Act 2006 .

2   Commencement

                   This Act commences on the day after it receives the Royal Assent.

3   Definitions

                   In this Act:

acquirer means the person who is declared to be the acquirer for the purposes of this Act under subsection 5(1).

associated document means a document that:

                     (a)  was owned by the Commonwealth immediately before the vesting day; and

                     (b)  contains information that a person requires to manage a pre-transfer contract.

exempt matter means:

                     (a)  the vesting of an asset, right or liability under this Act; or

                     (b)  the operation of this Act in any other respect.

liability means any liability, duty or obligation, whether actual, contingent or prospective.

pre-transfer contract means a contract:

                     (a)  that is a contract of insurance (including such a contract that is of a kind known as a cover note); and

                     (b)  that is in force; and

                     (c)  the ownership of which was vested in the Commonwealth under paragraph 7(1)(c) of the Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996 .

relevant legislative instrument means a legislative instrument (within the meaning of the Legislative Instruments Act 2003 ) that, immediately before the vesting day:

                     (a)  was in force; and

                     (b)  contained references to the Housing Loans Insurance Corporation that were taken, under section 8 of the Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996 , to be references to the Commonwealth.

right means any right, power, privilege or immunity, whether actual, contingent or prospective.

vesting day means the day declared to be the vesting day for the purposes of this Act under subsection 5(1).

4   Act binds the Crown

                   This Act binds the Crown in right of the Commonwealth, of each of the States, of the Australian Capital Territory, of the Northern Territory and of Norfolk Island.