Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) On the commencement of this Part, the transitional assets of the Murray - Darling Basin Commission immediately before that commencement:
(a) cease to be assets of the Murray - Darling Basin Commission; and
(b) become assets of the Authority without any conveyance, transfer or assignment.
(2) The Authority becomes the successor in law in relation to the transitional assets.
(3) A transitional asset is:
(a) any legal or equitable estate or interest in real or personal property, whether actual, contingent or prospective; or
(b) any right, power, privilege or immunity, whether actual, contingent or prospective;
but does not include a right, power, privilege or immunity conferred by:
(c) an Act; or
(d) regulations or other subordinate legislation made under an Act; or
(e) the Murray - Darling Basin Act 1992 of New South Wales; or
(f) the Murray - Darling Basin Act 1993 of Victoria; or
(g) the Murray - Darling Basin Act 1996 of Queensland; or
(h) the Murray - Darling Basin Act 1993 of South Australia; or
(i) the former MDB Agreement.