New South Wales Consolidated Acts

FREIGHT RAIL CORPORATION (SALE) ACT 2001 - SECT 5

5 Options for method of sale

(1) The business undertaking of FreightCorp may be sold to a purchaser in accordance with this Act in any of the following ways, as determined by the Treasurer:

(a) by sale of that business undertaking to the purchaser in accordance with Part 3,

(b) by conversion of FreightCorp to a company and sale of that company by transfer of the shares in the company to the purchaser, as provided by Part 4,

(c) by transfer of the business undertaking to a company and sale of that company by transfer of the shares in the company to the purchaser, as provided by Part 5.

(2) FreightCorp’s purchaser can only be:

(a) National Rail Corporation Limited, or

(b) a purchaser of the shares in National Rail Corporation Limited, or

(c) a related body corporate (within the meaning of the Corporations Law ) of a purchaser of the shares in National Rail Corporation Limited.

(3) A reference in this Act to the sale of FreightCorp is a reference to the sale of the business undertaking of FreightCorp in accordance with this Act.