New South Wales Consolidated Acts

FREIGHT RAIL CORPORATION (SALE) ACT 2001 - SECT 15

15 Dissolution or conversion of FreightCorp after sale

(1) On the repeal of section 19G (Establishment of FRC as statutory State owned corporation) of the Transport Administration Act 1988 FreightCorp ceases to be a State owned corporation under the State Owned Corporations Act 1989 and:

(a) is dissolved, unless paragraph (b) applies, or

(b) is converted to a corporation sole constituted by the Treasurer if the business undertaking of FreightCorp immediately before the repeal of section 19G includes any special lease.

(2) On the dissolution or conversion of FreightCorp by this section, any assets, rights and liabilities of FreightCorp become the assets, rights and liabilities of the Crown, except any special lease or any sublease or sub-sublease of the property to which a special lease applies.

(3) The Treasurer may, by order in writing, transfer to the Ministerial Holding Corporation or any other public authority any assets, rights or liabilities that become assets, rights or liabilities of the Crown under this section. Schedule 1 (Transfer of assets, rights and liabilities) applies to such an order.

(4) A person who, immediately before the dissolution or conversion of FreightCorp under this section, held office as a director of FreightCorp:

(a) ceases to hold office as such on the dissolution or conversion of FreightCorp, and

(b) is not entitled to any remuneration or compensation because of the loss of that office.

(5) If FreightCorp is converted to a corporation sole:

(a) it has and may exercise such functions as may be necessary or convenient to enable it to exercise its rights and discharge its obligations under or in connection with a special lease or any sublease or sub-sublease of the property to which a special lease applies, and

(b) section 43A (General audit of former statutory bodies) of the Public Finance and Audit Act 1983 applies as if FreightCorp had been abolished, and

(c) the corporation sole is taken for all purposes (including the rules of private international law) to be a continuation of, and the same legal entity as, FreightCorp as it existed before its conversion to a corporation sole.

(6) The corporation sole constituted by the Treasurer under this section is a statutory body representing the Crown.