New South Wales Consolidated Acts

FREIGHT RAIL CORPORATION (SALE) ACT 2001 - SECT 14

14 Special leases

(1) A special lease:

(a) is excluded from sale under this Act, and

(b) may not be transferred under this Act, and

(c) remains vested in FreightCorp.

(2) The Treasurer may, for and on behalf of FreightCorp, grant a sublease or sub-sublease of property that is the subject of a special lease to:

(a) FreightCorp’s purchaser, or

(b) a related body corporate of FreightCorp’s purchaser, or

(c) any person at the direction of a person who has a contractual right to require FreightCorp (as converted to a corporation sole under section 15) to grant a new sublease or sub-sublease of property that is the subject of a special lease.

(3) The Treasurer may determine the terms and conditions on which a sublease or sub-sublease is to be granted under this section.

(4) Duty under the Duties Act 1997 is not chargeable in respect of a sublease or sub-sublease granted under this section.

(5) A term of a sublease or sub-sublease of property that is the subject of a special lease, being a term with respect to any of the following matters, has effect despite any law or rule to the contrary:

(a) conditions under which the sublease or sub-sublease may be terminated,

(b) application of security,

(c) rent repayment and the retention of rent by the State,

(d) continuance of the sublease or sub-sublease, including the obligation to pay rent, despite unforeseen circumstances,

(e) amounts payable in the event of a breach of the sublease or sub-sublease,

(f) the liability of the sublessor or sub-sublessor.

(6) In this section, "related body corporate" has the same meaning as in the Corporations Law .