Tasmanian Bills Clause Notes

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JIM BACON FOUNDATION (WINDING-UP) BILL 28 OF 2013

                        CLAUSE NOTES

           JIM BACON FOUNDATION
            (WINDING-UP) BILL 2013

Clause 1: Short Title
This provides the short title to be used when citing the Act for any
legal purpose.

Clause 2: Commencement
This Act commences on the day it receives Royal Assent.

Clause 3: Interpretation
This Clause defines the following terms

    ­ commencement day

    ­ Jim Bacon Foundation

    ­ Ponting Foundation

    ­ repealed Act

Clause 4: Dissolution of Jim Bacon Foundation
This Clause dissolves the Jim Bacon Foundation on the
commencement of this Act.

Clause 5: Transfer of assets and liabilities
Sub-Clause (1) provides that on the commencement of this Act
the assets of the Jim Bacon Foundation vest with the Ponting
Foundation and the liabilities of the Jim Bacon Foundation
remain with the Crown.

Sub-Clause (2) provides that no State tax is payable in response
to any document prepared or transfer or transaction done to
give effect to


13/12618
 
 
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Sub-Clause (1).

Sub-Clause (3) defines `State tax'.



Clause 6: Construction of documents
Sub-Clause (1) defines references to documents to mean a
document or part of a document -

  a) that was in force immediately before the commencement
     of the Act; and

  b) which contains as reference to the Jim Bacon Foundation;
     and

  c) relates to an asset or liability of the Jim Bacon Foundation.

Sub-Clause (2) provides that on or after the commencement of
this Act a reference in a document to the Jim Bacon Foundation
is taken to include references to

  a) the Ponting Foundation in relation to assets of the Jim
     Bacon Foundation; and

  b) the Crown in relation to liabilities of the Jim Bacon
     Foundation.

Clause 7: Legal proceedings and related matters
This Clause provides that on and after the commencement of
this Act ­

  a) Any legal or other proceedings instituted by or against the
     Jim Bacon Foundation before or pending on the
     commencement day of the Act may be continued by or
     against the Crown;

  b) Any legal or other proceedings that could have been
     instituted by or against the Jim Bacon Foundation to
     enforce a legal obligation required to be performed or right
     that accrued before the commencement of this Act may
     be instituted by or against the Crown;
 
 
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  c) Any judgment or court orders obtained before the
     commencement day of this Act by or against Jim Bacon
     Foundation and not executed or satisfied before the
     commencement of this Act may be enforced by or against
     the Crown; and

  d) Any document relating to any legal or other proceedings
     that has been serviced on or by the Jim Bacon Foundation
     is taken, where appropriate, to have been served on or by
     the Crown.

Clause 8: Administration of Act
This Clause assigns administrative responsibility for this Act to the
Premier and the Department of Premier and Cabinet.

Clause 9: Legislation repealed
This Clause repeals the legislation referred to in Schedule 1,
namely the Jim Bacon Foundation Act 2004.

Schedule 1 Legislation repealed
This schedule sets out the legislation to be repealed on
commencement of this Act, namely the Jim Bacon Foundation
Act 2004.
 
 

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