New South Wales Consolidated Acts

TRANSPORT ADMINISTRATION ACT 1988 - SECT 17D

17D Public subsidiary corporations

(1) In this section:
"public subsidiary corporation" means a corporation constituted in accordance with this section.

(2) The regulations may constitute a corporation for the purposes of this section with the corporate name specified in the regulations.

(3) A public subsidiary corporation:

(a) has such of the functions of RailCorp as are specified in the regulations or delegated to it under this Act, and

(b) is, for the purposes of any Act, a NSW government agency.

(4) The provisions of or made under this Act or any other Act relating to RailCorp apply to and in respect of a public subsidiary corporation in such manner and to such extent as are prescribed by the regulations.

(5) With the approval of the Minister:

(a) RailCorp may transfer any of its assets, rights or liabilities to a public subsidiary corporation, and

(b) a public subsidiary corporation may transfer any of its assets, rights or liabilities to RailCorp or to another public subsidiary corporation.

(6) The regulations may make provision for or with respect to the vesting of those assets, rights and liabilities in the transferee without any transfer, conveyance or assignment.

(7) A public subsidiary corporation is dissolved by the repeal of the regulations by which it is constituted (unless continued in existence by the regulations), and on any such dissolution the assets, rights and liabilities of the corporation become the assets, rights and liabilities of RailCorp.