STATE OWNED CORPORATIONS ACT 1989 - SECT 7 Transfer of assets and liabilities etc

STATE OWNED CORPORATIONS ACT 1989 - SECT 7

7 Transfer of assets and liabilities etc

(1) Assets, rights and liabilities of the State or an authority of the State and forming part of or relating to an undertaking carried on by or under the authority of a Minister or a Public Service agency, or under the executive authority of the State, may be transferred to a company SOC or any of its subsidiaries, in exchange for the issue of shares or on any other basis.

(2) The regulations under this Act may make provision for or with respect to the transfer of any such assets, rights and liabilities to a company SOC or any of its subsidiaries.

(3) The regulations under this Act may provide that references in any Act, or in any regulation or other statutory rule under any Act, or in any other instrument, or in any contract or agreement, to--

(a) the State or an authority of the State, in connection with any such assets, rights or liabilities or in connection with any such undertaking, or

(b) (without limiting the above) a Minister, a Public Service agency or a person employed in a Public Service agency,

are to be read as references to a company SOC or any of its subsidiaries or to a director, officer or employee of any such SOC or subsidiary.

(4) This section does not apply to assets, rights and liabilities of a statutory corporation unless--

(a) the assets, rights and liabilities can be transferred to the State owned corporation apart from this section, or

(b) an Act of Parliament provides that this section applies to the assets, rights and liabilities of the statutory corporation.