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

Part 3 Transfer to acquirer

   

6   Transfer to acquirer

                   On the vesting day:

                     (a)  each pre-transfer contract and associated document ceases to be an asset of the Commonwealth and becomes an asset of the acquirer without any conveyance, transfer or assignment; and

                     (b)  any rights of the Commonwealth:

                              (i)  under a pre-transfer contract or an associated document; or

                             (ii)  in respect of anything done, or purported to be done, under a pre-transfer contract or an associated document;

                            become rights of the acquirer without any conveyance, transfer or assignment; and

                     (c)  any liabilities of the Commonwealth:

                              (i)  under a pre-transfer contract or an associated document; or

                             (ii)  in respect of anything done, or purported to be done, under a pre-transfer contract or an associated document;

                            become liabilities of the acquirer without any conveyance, transfer or assignment; and

                     (d)  the acquirer becomes the successor in law in relation to the pre-transfer contracts, associated documents, rights and liabilities.

7   Certain instruments to continue in force

Pre-transfer contracts

             (1)  On and after the vesting day, each pre-transfer contract continues to have effect according to its terms. However, each reference in a pre-transfer contract to the Housing Loans Insurance Corporation is taken (except in relation to matters that occurred before the vesting day) to be a reference to the acquirer.

Relevant legislative instruments

             (2)  On and after the vesting day, each relevant legislative instrument continues to have effect according to its terms. However each reference in a relevant legislative instrument to the Housing Loans Insurance Corporation is taken (except in relation to matters that occurred before the vesting day) to be a reference to the following:

                     (a)  if the regulations specify that the reference is taken to be a reference to a particular person—the person;

                     (b)  otherwise—the Commonwealth.

8   Exemption from stamp duty and other State or Territory taxes

             (1)  No stamp duty or other tax is payable under a law of a State or a Territory in respect of an exempt matter, or anything connected with an exempt matter.

             (2)  The Minister may certify in writing:

                     (a)  that a specified matter is an exempt matter; or

                     (b)  that a specified thing was connected with a specified exempt matter.

             (3)  In all courts, and for all purposes (other than for the purposes of criminal proceedings), a certificate made under subsection (2) is prima facie evidence of the matters stated in the certificate.

             (4)  A document that appears to be a certificate made under subsection (2):

                     (a)  is taken to be such a certificate; and

                     (b)  is taken to have been properly given;

unless the contrary is established.