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LAND AND PROPERTY INFORMATION NSW (AUTHORISED TRANSACTION) ACT 2016 - SECT 4
Authorisation for asset transfer, concession and re-vesting
4 Authorisation for asset transfer, concession and re-vesting
(1) This Act authorises the following (collectively referred to in this Act as
the
"authorised transaction" ): (a) the transfer, by the Treasurer, of titling and
registry assets of a public sector agency to the private sector or any public
sector agency (referred to in this Act as an
"authorised asset transfer" ),
(b) arrangements, established by the portfolio
Minister with the approval of the Treasurer, to authorise and otherwise
facilitate the provision of titling and registry services by a private sector
entity (or a related entity of a private sector entity) to which titling and
registry assets are transferred under this Act (referred to in this Act as the
"authorised concession" ),
(c) the transfer, by the portfolio Minister, of
titling and registry assets of the authorised operator to a private sector
entity or public sector agency on termination of the authorised concession and
as provided by the authorised concession arrangements (referred to in this Act
as
"re-vesting on termination" ).
(2) The authorised concession is limited to a
term of 35 years and cannot be renewed or extended beyond that term. Note :
Section 18 (Further authorised concession on termination of
authorised concession) provides for the establishment of a new
authorised concession with a term of up to 35 years if the original
authorised concession is terminated before its term expires.
(3)
Re-vesting on termination comprising the transfer of titling and registry
assets of the authorised operator to a private sector entity (but not to a
public sector agency) requires the approval of the Treasurer.
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