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Explanatory note
This explanatory note relates to this Bill as introduced into Parliament.
The Bill:
(a)
transfers the assets. rights and liabilities of the former body to the
Company. and
(b)
dissolves the former body and repeals the Act and bylaws under
which it operates.
Clause 2 provides for the commencement of the proposed Act on a day or
days to be appointed by proclamation.
Clause 3 defines certain words and expressions used in the proposed Act.
Clause 4 dissolves the former body and its board of directors. and provides
that a reference in other documents to the former body is taken to include a
reference to the Company.
Clause 5 transfers the assets. rights and liabilities. including staff, of the
former body to the Company. Clause 5 (3) continues. the restrictions on the
power to deal with land previously acquired by grant from the Crown.
currently found in section 5 of the Benevolent Society of New South Wales
Act 1902. Advice has been received that this would affect the land known as
24A Ocean Street. Bondi (being land owned by the former body and acquired
by grant from the Crown). Land of this nature cannot be sold or otherwise
dealt with by the Company unless either with the approval of the Governor or
by way of a lease of a kind described in clause 5 (4).
Clause 6 exempts transfers under the proposed Act from duty under the
Duties Act 1997.
Clause 7 repeals the Benevolent Society of New South Wales Act 1902 and
the by-laws under that Act. but provides for the certification of those by-laws
by an officer of the Company for evidentiary purposes.
Explanatory note page 2