New South Wales Consolidated Acts New South Wales Consolidated ActsIn this Act:
"assets" means any legal or equitable estate or interest (whether present or
future, whether vested or contingent and whether personal or assignable) in
real or personal property of any description (including money), and includes
securities, choses in action and documents.
"authorised asset transfer" --see section 4.
"authorised concession" --see section 4.
"authorised concession arrangements" means transaction arrangements that are
for the purposes of the authorised concession.
"authorised operator" --see section 3.
"authorised transaction" --see section 4.
"completion" of the authorised asset transfer occurs on the date designated by
the Treasurer by order in writing as the date of completion of the
authorised asset transfer.
"Corporations Act" means the Corporations Act 2001 of the Commonwealth.
"Corporations legislation" means the Corporations legislation to which Part
1.1A of the Corporations Act applies.
"entity" means a body corporate, a partnership, an unincorporated body, an
individual or a trust (including the trustee of a trust).
"function" includes a power, authority or duty, and
"exercise" a function includes perform a duty.
"general law" means the common law and equity (as modified from time to time
by legislation).
"legislation" includes:
(a) any statute of a legislature (whether enacted or made in Australia or elsewhere), and
(b) any proclamation, regulation, rule, by-law, order or any other kind of subordinate legislation (however described) made under the authority of a statute (whether enacted or made in Australia or elsewhere).
Note : A person who is a public sector agency of another jurisdiction is a private sector person for the purposes of this Act.
(a) the State (including the Crown in right of the State),
(b) a Minister,
(c) the Registrar-General,
(d) a government sector agency (within the meaning of the Government Sector Employment Act 2013 ),
(e) a public authority of the State (including a council under the Local Government Act 1993 ),
(f) any other person acting on behalf of the State (or the Crown in right of the State),
(g) a transaction company, but only while all the shares in the transaction company are held by or on behalf of the State or the transaction company is the subsidiary of another transaction company all the shares in which are held by or on behalf of the State,
(h) a wholly-owned subsidiary of a public sector agency.
Words and expressions used in this Act that are defined in the Real Property Act 1900 have the same meanings as in that Act, except in so far as they are defined differently in this Act or the context or subject-matter otherwise indicates or requires.
In this Act, the
following expressions have the meaning that they have in the Corporations Act
(except where a definition of the expression in this Act otherwise requires):
"company"
"company limited by shares"
"corporation"
"related entity"
"subsidiary"
"wholly-owned subsidiary"
A reference in this Act to titling and registry functions includes a reference to those functions when being exercised by the authorised operator under delegation from the Registrar-General.
A reference in this Act to the authorised operator includes a reference to any related entity of the authorised operator in which titling and registry assets are vested.
An interest in or right in respect of titling and registry assets that is created for the purposes of the authorised transaction is itself a titling and registry asset.
(1) For the purposes of this Act, any act, matter or thing is done or has effect for the purposes of the authorised transaction if:(a) it is done or has effect for the purpose of effecting or facilitating the authorised transaction, or(b) it is done or has effect for any purpose connected with, ancillary or incidental to or consequential on the authorised transaction, or(c) it is done or has effect for any purpose connected with the vesting of titling and registry assets in, or the transfer of a relevant employee under Part 5 to, a public sector agency at any time after completion of the authorised asset transfer, or(d) it is done or has effect after the completion of the authorised asset transfer for any purpose that is necessary or convenient in connection with the ongoing operation of or the winding up of the affairs of any transaction company.
(2) A reference in this clause to the authorised transaction includes a reference to any part or aspect of the authorised transaction.
The transfer to the private sector for the purposes of the authorised transaction of a public sector agency that employs a relevant employee constitutes the transfer of the employment of the relevant employee to the employment of a private sector entity and requires an order of the Treasurer under Part 5.
(1) The assets, rights and liabilities of a body corporate include the assets, rights and liabilities of a wholly-owned subsidiary of the body corporate.
(2) Without limiting the ways in which assets, rights and liabilities can be transferred for the purposes of the authorised transaction (and without preventing the direct transfer of assets, rights and liabilities to a transferee):(a) assets, rights and liabilities of a body corporate can be transferred to another person (the
"transferee" ) by a transfer of shares or any other transaction that results in the body corporate becoming a wholly-owned subsidiary of the transferee, and(b) assets, rights and liabilities of a body corporate are acquired by (and become assets, rights and liabilities of) a transferee when the body corporate becomes a wholly-owned subsidiary of the transferee.
No compensation is payable in connection with the transfer for the purposes of the authorised transaction of assets, rights or liabilities to a public sector agency (but this does not prevent such a transfer being for consideration).
If this Act provides for an event or other thing to occur on a particular day, that event or thing is taken to occur at the beginning of that day.
Notes included in this Act do not form part of this Act.