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Aviation Legislation Amendment Bill (No. 2) 2001
Schedule  3 Repeal of the Federal Airports Corporation Act 1986

   

1  The whole of the Act

Repeal the Act.

2  Definitions

In this Schedule:

Corporation means the Federal Airports Corporation.

repeal day means the day on which this item commences.

residual assets means:

                     (a)  any legal or equitable estates or interests in real or personal property, including contingent or prospective ones; and

                     (b)  any rights, privileges and immunities including contingent or prospective ones;

of the Corporation immediately before the repeal day.

residual instruments means instruments that are in force immediately before the repeal day:

                     (a)  to which the Corporation is a party; or

                     (b)  that were given to, by or in favour of the Corporation; or

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

                     (d)  under which any money is or may become payable, or any other property is to be, or may become liable to be, transferred, conveyed or assigned, to or by the Corporation.

residual liabilities means liabilities and duties of the Corporation, including contingent and prospective ones, immediately before the repeal day.

3  Residual assets and liabilities to become Commonwealth assets and liabilities

(1)        By force of this item:

                     (a)  all the residual assets of the Corporation cease to be assets of the Corporation and become assets of the Commonwealth on the repeal day; and

                     (b)  the Commonwealth becomes the Corporation’s successor in law in relation to those assets immediately after they become assets of the Commonwealth.

(2)        By force of this item:

                     (a)  all residual liabilities of the Corporation cease to be liabilities of the Corporation and become liabilities of the Commonwealth on the repeal day; and

                     (b)  the Commonwealth becomes the Corporation’s successor in law in relation to those liabilities immediately after they become liabilities of the Commonwealth.

(3)        A residual instrument continues to have effect on and after the repeal day as if a reference in the instrument to the Corporation were a reference to the Commonwealth.

4  Pending proceedings

If, immediately before the repeal day, proceedings to which the Corporation was a party are pending in a court, then, on and after the repeal day, the Commonwealth is substituted for the Corporation in the proceedings and has the same rights and obligations as the Corporation would have had in the proceedings.