Victorian Numbered Acts Victorian Numbered Acts(1) This Act authorises the transfer of port assets to a private sector entity, or a public sector entity, subject to the following limitations—
(a) land comprising port assets may be leased or licensed to a private sector entity but the ownership of the freehold title to that land must remain with a public sector entity;
(b) in the case where one lease or licence of land comprising port assets is granted to a private sector entity, the maximum period for that lease or licence must not exceed the period specified in subsection (2);
(c) in the case where a lease or licence of land comprising port assets is granted to a private sector entity and any further lease or licence of those port assets is granted, the maximum period for all of the leases or licences granted to a private sector entity must not exceed, in aggregate, the period specified in subsection (2).
(2) For the purposes of subsection (1)(b) and (c), the specified period is—
(a) 50 years; or
(b) if the Premier makes an order under subsection (3), the period determined under that order.
(3) The Premier, by order, may, for the purposes of subsection (2)(b), determine the period of a lease or licence of land comprising port assets to be granted to a private sector entity.
(4) The period determined under an order under subsection (3) must not exceed 50 years and 30 days.
(5) Port assets may be transferred for the purposes of an authorised transaction in any manner.
(6) Without limiting subsection (5), port assets of a body corporate (the port assets holder ) may be transferred to another body corporate by the port assets holder becoming a wholly-owned subsidiary of the other body corporate.