These regulations are the Fishing Industry Board (Dissolution) Regulations 2002.

These regulations come into force on 30 September 2002.

In these regulations, unless the context otherwise requires,—

(1) On and from the commencement of these regulations, the Board is dissolved.

(2) This regulation is subject to 5A and 5B.

(1) On and from the commencement of these regulations,—

• (a) all property belonging to the Board vests in SeaFIC; and

• (b) all money payable to or by the Board (other than income tax on taxable income of the Board) becomes payable to or by SeaFIC; and

• (c) all liabilities (other than liabilities for income tax on taxable income of the Board), contracts, engagements, rights, and authorities of the Board become liabilities, contracts, engagements, rights, and authorities of SeaFIC; and

• (d) all deeds, leases, and instruments entered into by the Board become deeds, leases, and instruments entered into by SeaFIC; and

• (e) all notices and undertakings given to or by the Board become notices and undertakings given to or by SeaFIC; and

• (f) all proceedings by or against the Board may be continued, completed, or enforced by or against SeaFIC.

(2) This regulation is subject to regulations 5A and 5B.

Nothing in, or done under, regulation 4 or regulation 5—

• (a) places the Board, SeaFIC, or any other person in breach of contract or confidence, or makes any of them liable for a civil wrong; or

• (b) entitles a person to terminate or cancel a contract or arrangement, to accelerate the performance of an obligation, or to impose a penalty or an increased charge; or

• (c) places the Board, SeaFIC, or any other person in breach of an enactment, a rule of law, or a provision of a contract that prohibits, restricts, or regulates the assignment or transfer of property or the disclosure of information; or

• (d) releases a surety from an obligation; or

• (e) invalidates or discharges a contract or surety.

(1) For the purposes of the Income Tax Act 2004,—

• (a) the vesting of property and liabilities in SeaFIC by regulation 5 must be treated as having occurred immediately before the dissolution of the Board; and

• (b) SeaFIC must be treated as having paid to another person who is not an associated person, and the Board must be treated as having received from another person who is not an associated person, consideration for the property equal to its market value at the time of its vesting under paragraph (a).

(2) For the purposes of the Goods and Services Tax Act 1985 and the Estate and Gift Duties Act 1968, the Board and SeaFIC must be treated as if they were the same person in relation to anything done by, or as a result of, regulation 5.

(1) SeaFIC must provide the final report of the Board to the Minister as soon as reasonably practicable after the commencement of these regulations.

(2) The final report must be for the period beginning on 1 April 2002 and ending on 30 September 2002, and must include—

• (a) a statement of financial position and any other statements of account that are necessary to show fully the financial position of the Board and the financial results of its operations during that period signed and dated by 2 directors of SeaFIC; and

• (b) an audit report prepared by the Auditor-General for those statements.

(3) The Minister must present the final report to the House of Representatives within 6 sitting days after it is provided to him or her.