New South Wales Consolidated Acts

PUBLIC AUTHORITIES (FINANCIAL ARRANGEMENTS) ACT 1987 - SECT 8A

8A Special provisions relating to ownership of buildings, structures or other fixtures

(1) An agreement under which financial accommodation is obtained by an authority may contain provisions in or to the effect:

(a) that the ownership of specified buildings, structures or other fixtures is not vested in the owner of the land on which they are located, and

(b) that such specified buildings, structures or fixtures are chattels and not real property, and

(c) that such specified buildings, structures or fixtures can be transferred or leased to any person or otherwise dealt with in accordance with the terms and conditions of the Treasurer’s approval of the financial accommodation.

(2) Despite any Act or rule to the contrary, any such provision has effect for all purposes (and not only as between the parties to the agreement in which the provision is contained), but only if the Treasurer’s approval to the obtaining of the financial accommodation was subject to a condition that the agreement contain the provision.