(1)  On the incorporation day –

(a) the property of the Trust vests in the Company; and

(b) the liabilities of the Trust become the liabilities of the Company.

(2)  State tax is not payable in respect of any document prepared to give effect to subsection (1) .

(3)  In this section,

State tax means application or registration fees, stamp duty or any other tax, duty, fee or charge imposed by any Act or law of Tasmania.