The purposes of this Act are to—

• (a) repeal the Carter Observatory Act 1938; and

• (b) dissolve the Board; and

• (c) transfer the assets of the Board to the Council; and

• (d) vest in the Crown and in the Council the liabilities incurred by the Board; and

• (e) provide for incidental matters.

In this Act, unless the context otherwise requires,—

This Act binds the Crown.

The Carter Observatory Act 1938 (1938 No 9) is repealed.

On commencement day,—

• (a) the Board is dissolved; and

• (b) the term of office of every member of the Board ends.

On and from commencement day,—

• (a) all real and personal property of the Board vests in the Council free of all trusts; and

• (b) all rights of the Board vest in the Council; and

• (c) all money payable to the Board is payable to the Council; and

• (d) all liabilities of the Board incurred prior to 20 December 2007 vest in the Crown; and

• (e) all liabilities of the Board incurred on or after 20 December 2007 vest in the Council; and

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

To avoid doubt, anything transferred to the Council by section 8 is not—

• (a) a dutiable gift for the purposes of the Estate and Gift Duties Act 1968:

• (b) a supply of goods and services for the purposes of the Goods and Services Tax Act 1985:

• (c) a sale, disposition, distribution, or transfer of property or liability for the purposes of the Income Tax Act 2007.

(1) As soon as is reasonably practicable after commencement day, the Chairman must—

• (a) arrange for a final report of the Board to be completed; and

• (b) submit that report to the Minister.

(2) The report must describe the Board’s proceedings and activities for the period beginning on 1 April immediately preceding commencement day and ending with the close of the day immediately preceding commencement day (the report period) and include—

• (a) a statement of the Board’s financial position as at the close of the day immediately preceding commencement day; and

• (b) an account of income and expenditure showing the financial transactions for the report period; and

• (c) a report of the Audit Office on the statement of financial position and account of income and expenditure.

(3) The Minister must present a copy of the report to the House of Representatives within 28 days after receiving the report or, if Parliament is not in session, 28 days after the commencement of the next session of Parliament.

(4) In this section,—

• (a) Chairman means the person who held office as the chairman of the Board immediately before commencement day; and

• (b) Minister means the Minister of the Crown who was responsible for the administration of the Carter Observatory Act 1938 immediately before commencement day.

No member of the Board is entitled to compensation for loss of office resulting from the dissolution of the Board.

The enactments specified in the Schedule are amended in the manner indicated in the Schedule.