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Explanatory note
This explanatory note relates to this Bill as introduced into Parliament.*
(a)
to authorise the sale of the business undertaking of the Sydney Market
Authority to an approved purchaser, and
(b)
to authorise the lease to an approved purchaser of the site of the
Flemington market, and
(c)
to dissolve the Sydney Market Authority, and
(d) to repeal the Sydney Market Authority Act 1968, and
(e)
to make consequential amendments to certain other Acts and
instruments, and
(f) to enact savings, transitional and other provisions.
~~
* Amended in committee--see table at end of volume.
Preliminary
Clause 1 specifies the name (also called the short title) of the proposed Act.
Clause 2 provides for the commencement of the proposed Act on a day or
days to be appointed by proclamation.
Clause 3 defines certain expressions for the purposes of the proposed Act.
Part 2
Sale of business undertaking of Sydney Market
Authority
Division 1
The sale
Clause 4 provides that Sydney Markets Ltd (ACN 077 119 290) is to be the
approved purchaser for the purposes of the proposed Act.
Clause 5 authorises the Minister to conduct negotiations, and enter into
agreements, for the sale of the business undertaking of the Sydney Market
Authority, and to make orders transferring any part of that business
undertaking to the approved purchaser for the purposes of that sale.
Clause 6 provides for the appointment by proclamation of a sale date for the
sale of the business undertaking of the Sydney Market Authority.
Clause 7 provides for the payment into the Consolidated Fund of money
received from the sale of the business undertaking of the Sydney Market
Authority, less the amount of any expenses incurred in connection with that
sale..
Clause 8 provides for the exclusion from sale of the site of the Flemington
market, and of any other assets, rights or liabilities that the Minister considers
should be excluded.
Division 2
The new leases
Clause 9 defines certain expressions for the purposes of the proposed
Division.
Clause 10 provides for the grant to the approved purchaser of a new head
lease of the site of the Flemington market. On the granting of the new head
lease, all existing leases will become statutory subleases of the head lease.
Explanatory note page 2
Clause 11 provides that the cessation of a head lease results in all statutory
subleases
head lease becoming leases from the Ministerial Holding
constituted under section 37B of the State Owned Corporations
Act 1989.
Clause 12 Exempts certain transactions under the proposed Division from
liability for payment of duty under the Stamp Duties Act 1920.
Division 3
Dissolution of Sydney Market Authority
Clause 13 provides for the dissolution of the Sydney Market Authority and
all of its committees. Any residual assets of the Sydney Market Authority are
to belong to the Crown, and may be transferred to the Ministerial Holding
Corporation constituted under section 37B of the State Owned Corporations
Act 1989.
Clause 14 provides for the vacation of office of all members of the Sydney
Market Authority and its committees.
Clause 15 provides for the preservation of existing rights of employees of
the Sydney Market Authority.
Division 4
Provisions relating to transfer of business
undertaking
Clause 16 applies the proposed Division to orders under proposed sections
5, 8 and 13 with respect to the transfer of the assets, rights and liabilities of
the Sydney Market Authority.
Clause 17 provides that such an order has the effect of vesting in the
intended transferee the assets, rights and liabilities with respect to that part of
the transferor's business undertaking to which the order relates.
Clause 18 provides that such an order may be made on such terms, and for
such consideration, as are specified in the order.
Clause 19 excludes certain common law remedies that might otherwise be
available to persons as a consequence of the operation of the proposed Part.
Part 3
Clause 20 provides that compensation is not payable by or on behalf of the
State because of the proposed Act or because of any statement or conduct
relating to the enactment of the proposed Act.
Clause 21 provides that the proposed Act binds the Crown.
Explanatory note page 3
Clause 22 enables the Governor to make regulations for the purposes of the
proposed Act.
Clause 23 repeals the Sydney Market Authority Act 1968 and the Sydney
Market Regulation 1993.
Clause 24 is a formal provision giving effect to Schedule 1 (Amendment of
other Acts and
Clause 25 is a formal provision giving effect to Schedule 2 (Savings,
transitional and other provisions).
Schedules
Schedule 1 makes consequential amendments to the following Acts and
instruments:
·
Fines Act I996 No 99
·
First State Superannuation Act 1992 No 100
·
Justices Act 1902 No 2 7
·
Land Tax Management Regulation 1992
·
Public Authorities (Financial Arrangements) Act I987 No 33
·
Public Authorities (Financial Arrangements) Regulation I995
·
Public Authorities Superannuation Act 1985 No 41
·
Public Finance and Audit Act 1983 No 152
·
Public Sector Management Act 1988 No 33
·
State Authorities Non-contributory Superannuation Act 1987 No 212
·
State Authorities Superannuation Act 1987 No 2 11
·
Superannuation Act I916 No 28
Schedule 2 contains savings, transitional and other provisions, including a
provision empowering the Governor to make regulations of a savings or
transitional nature.
Explanatory note page 4