New South Wales Consolidated Acts

FREIGHT RAIL CORPORATION (SALE) ACT 2001

- As at 6 July 2009 
- Act 35 of 2001 

TABLE OF PROVISIONS

           Long Title

   PART 1 - PRELIMINARY

   1.      Name of Act
   2.      Commencement
   3.      Definitions
   4.      Validation

   PART 2 - SALE OF FREIGHTCORP

   5.      Options for method of sale
   6.      Powers of FreightCorp to participate in sale
   7.      Directions to FreightCorp concerning participation in sale
   8.      Negotiations for sale
   9.      Parts of business undertaking may be excluded from sale
   10.     Auditor-General authorised to communicate information regarding FreightCorp

   PART 3 - SALE METHOD 1--DIRECT TRANSFER OF UNDERTAKING TO PURCHASER

   11.     Agreements for sale
   12.     Orders for transfer of assets, rights and liabilities
   13.     Excluded undertaking
   14.     Special leases
   15.     Dissolution or conversion of FreightCorp after sale

   PART 4 - SALE METHOD 2--CONVERSION TO COMPANY AND SALE OF COMPANY TO PURCHASER

           Division 1 - Conversion of FreightCorp to company

   16.     Treasurer may direct conversion
   17.     Steps to be taken prior to conversion
   18.     Shareholding in sale company
   19.     Continuity of FreightCorp and construction of references to FreightCorp
   20.     Continuity of contracts and arrangements
   21.     Effect of conversion on FreightCorp
   22.     Orders for transfer of assets, rights and liabilities

           Division 2 - Management of sale company before sale

   23.     Division applies while State holds shares in sale company
   24.     Ministerial control of sale company
   25.     Status of sale company
   26.     Application of certain provisions of State Owned Corporations Act 1989 to sale company

           Division 3 - Sale of company

   27.     Agreement for sale
   28.     Transfer of shares
   29.     Changes to constitution prior to sale
   30.     No government guarantees
   31.     Exemptions from State taxes

   PART 5 - SALE METHOD 3--TRANSFER OF UNDERTAKING TO COMPANY AND SALE OF COMPANY TO PURCHASER

   32.     Treasurer may form or acquire company
   33.     Agreements for sale of business undertaking to sale company
   34.     Orders for transfer of assets, rights and liabilities
   35.     Special provision for special leases
   36.     Dissolution or conversion of FreightCorp after sale
   37.     Agreement for sale of company
   38.     Transfer of shares
   39.     Excluded undertaking
   40.     No government guarantees
   41.     Exemptions from State taxes

   PART 6 - RESULTS OF SALE

   42.     Transfer of staff (sale method 1 or 3)
   43.     Sale of sale company (sale method 2 or 3) does not affect rights of staff
   44.     Superannuation arrangements for FreightCorp employees
   45.     Proceeds of sale

   PART 7 - MISCELLANEOUS

   46.     Effect of Corporations Act 2001
   47.     Protection of contractual and other obligations
   48.     Compensation not payable
   49.     Act binds Crown
   50.     Certificate evidence
   51.     Proceedings for offences
   52.     Regulations
   53.     (Repealed)
           SCHEDULE 1
           SCHEDULE 2
           Schedule 3 (Repealed)