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TRANSPORT ADMINISTRATION ACT 1988 - SECT 94 Transfers of assets, rights and liabilities

TRANSPORT ADMINISTRATION ACT 1988 - SECT 94

Transfers of assets, rights and liabilities

94 Transfers of assets, rights and liabilities

(1) The Minister may, by order in writing, direct that the assets, rights or liabilities of a specified transport authority, or any subsidiary of a transport authority, that are specified or referred to in the order, be transferred to another transport authority, a subsidiary of a transport authority, a State owned corporation, the Crown or any other person or body acting on behalf of the Crown or a local council.
(2) The Minister may, by further order under this section, further direct the transfer any assets, rights or liabilities previously transferred under this section.
(3) An order under this section may be subject to specified terms and conditions.
(4) Schedule 4 applies to the transfer of assets, rights and liabilities under this section.
(5) Words and expressions used in this section have the same meanings as they have in Schedule 4.
(6) In this section,
"transport authority" means a rail authority and includes the SRA Residual Holding Corporation, the State Transit Authority, Sydney Ferries, the Transport Secretary and any other person or body prescribed by the regulations.
(7) In this section and Schedule 4, a reference to the Minister, in relation to the transfer of any assets, rights or liabilities of the SRA Residual Holding Corporation, is to be read as a reference to the Treasurer.
(8) For the avoidance of doubt, an order under this section may transfer an asset, right or liability to more than one transferee.
(9) The power to transfer an asset by means of an order under this section includes the power to transfer an interest in the asset. The transfer of an interest in an asset operates to create the interest in such terms as are specified in the order if the interest does not already exist as a separate interest.
(10) The Minister may make an order under this section that transfers assets, rights or liabilities to or from TAHE only with the consent of TAHE.