New South Wales Consolidated Acts

NSW GRAIN CORPORATION HOLDINGS LIMITED ACT 1992 - SECT 12

12 Dissolution of Grain Handling Ministerial Corporation

(1) The Ministerial Corporation is dissolved on the appointed day.

(2) On the appointed day, the following provisions have effect:

(a) the assets of the Ministerial Corporation vest in the Crown by virtue of this section and without the need for any conveyance, transfer, assignment or assurance,

(b) the rights and liabilities of the Ministerial Corporation become by virtue of this section the rights and liabilities of the Crown,

(c) all proceedings pending by or against the Ministerial Corporation are taken to be proceedings pending by or against the Crown,

(d) any act, matter or thing done or omitted by, to or in respect of the Ministerial Corporation is (to the extent that that act, matter or thing has any force or effect) taken to have been done or omitted by, to or in respect of the Crown,

(e) a reference in any Act, in any instrument made under an Act or in any document of any kind to the Ministerial Corporation is to be read as a reference to the Crown.

(3) The operation of this section is not to be regarded:

(a) as a breach of contract or confidence or otherwise as a civil wrong, or

(b) as a breach of any contractual provision prohibiting, restricting or regulating the assignment or transfer of assets, rights or liabilities, or

(c) as giving rise to any remedy by a party to an instrument, or as causing or permitting the termination of any instrument, because of a change in the beneficial or legal ownership of any asset, right or liability.

(4) The operation of this section is not to be regarded as an event of default under any contract or other instrument.

(5) No attornment to the Crown by a lessee from the Ministerial Corporation is required.

(6) The purpose of this subsection is to ensure that the above provisions of this section extend to the “excluded undertaking” of the Grain Handling Authority. Accordingly, this section extends to assets, rights and liabilities transferred to the Ministerial Corporation under section 7 of the Grain Handling (Corporatisation) Act 1989 . In particular, subsection (2) (e) of this section extends to a reference to the Ministerial Corporation that relates to any excluded undertaking referred to in section 7 of that Act.