TRANSPORT ADMINISTRATION ACT 1988 - SCHEDULE 8
TRANSPORT ADMINISTRATION ACT 1988 - SCHEDULE 8
SCHEDULE 8 – SRA Residual Holding Corporation
Part 1 - Constitution and functions of SRA Residual Holding Corporation
1 Constitution of SRA Residual Holding Corporation
(1) The corporation constituted under section 4 immediately before the commencement of this clause is continued by this clause with the corporate name of the State Rail Authority of New South Wales.
(1A) On and from the commencement of this subclause--(a) the corporate name of the State Rail Authority of New South Wales is changed to the State Rail Authority Residual Holding Corporation, and(b) that body, for all purposes (including the rules of private international law), continues in existence under its new name so that its identity is not affected.
(2) The SRA Residual Holding Corporation--(a) has the functions conferred or imposed on it by or under this or any other Act, and(b) is, for the purposes of any Act, a statutory body representing the Crown.
1A Definitions
In this Schedule--
"liabilities" means any liabilities, debts or obligations (whether present or
future and whether vested or contingent).
"special lease" means any lease or sublease, or any associated contract or
arrangement, under which the SRA Residual Holding Corporation has rights or
liabilities and which is declared by the Treasurer, by order, to be a special
lease for the purposes of this Schedule.
2 Objectives of SRA Residual Holding Corporation
The objectives of the SRA Residual Holding Corporation are as follows--
(a) to manage its assets, rights and liabilities effectively and responsibly,
(b) to minimise the risk exposure of the State arising from its activities,
(c) to achieve the efficient and timely winding up of residual business activities.
3 Functions of SRA Residual Holding Corporation
(1) The SRA Residual Holding Corporation has the following functions--(a) such functions as may be necessary or convenient to enable it to exercise its rights and discharge its obligations under or in connection with a special lease or any sublease or sub-sublease of the property to which a special lease applies,(b) to acquire any or all of the property the subject of a special lease or any other property that it is necessary or convenient for the Corporation to acquire in connection with the exercise of the Corporation's functions in relation to a special lease,(c) any other functions conferred or imposed on it by or under this or any other Act.
(1A) The SRA Residual Holding Corporation may do any thing that is supplemental or incidental to the exercise of its functions.
(2) The SRA Residual Holding Corporation may exercise its functions within or outside New South Wales.
4 Disposal of property
(1) The SRA Residual Holding Corporation may sell, lease or otherwise dispose of any of its property.
(2) Despite subclause (1), the SRA Residual Holding Corporation may not transfer, novate or otherwise dispose of any rights or liabilities under any special lease unless the Treasurer has determined that the disposal will not breach any term of any special lease or the disposal is required by a term of a special lease.
Part 2 - Management of SRA Residual Holding Corporation
8 Treasurer to manage and control affairs of SRA Residual Holding Corporation
(1) The affairs of the SRA Residual Holding Corporation are to be managed and controlled by the Treasurer.
(2) Any act, matter or thing done in the name of, or on behalf of, the SRA Residual Holding Corporation by the Treasurer is taken to have been done by the Corporation.
10 Delegation of functions of SRA Residual Holding Corporation
(1) The SRA Residual Holding Corporation may delegate to any person any of the functions of the Corporation, other than this power of delegation.
(2) A delegate may sub-delegate to an authorised person any function delegated by the SRA Residual Holding Corporation if the delegate is authorised in writing to do so by the Corporation.
(3) In this clause,
"authorised person" means--(a) a member of staff of the SRA Residual Holding Corporation, or(b) a person of a class prescribed by the regulations or approved by the Treasurer.
11 Staff of SRA Residual Holding Corporation
(1) The SRA Residual Holding Corporation may arrange for the use of the services of any staff or facilities of any government department or public authority, including the staff or facilities of the Country Rail Infrastructure Authority or the New South Wales Treasury Corporation.
(2) A person whose services are made use of by the SRA Residual Holding Corporation under subclause (1) is taken to be a member of staff of the Corporation.
(3) Without limiting subclause (1), the SRA Residual Holding Corporation may appoint any such person to a position with the Corporation that is designated by the Corporation and may remove the person from that designated position at any time.
Part 3 - Financial provisions
16 Financial duties generally
Sections 81 and 82 apply to the SRA Residual Holding Corporation.
Part 4 - Miscellaneous
18 Seal
The seal of the SRA Residual Holding Corporation is to be kept by the Treasurer and affixed to a document only--
(a) in the presence of the Treasurer or a member of staff of the Corporation authorised by the Treasurer, and
(b) with an attestation by the signature of the Treasurer or that member of staff of the fact of the affixing of the seal.
19 Dissolution of SRA Residual Holding Corporation and subsidiaries
(1) The Governor may, by proclamation published in the Gazette, appoint a day on which the SRA Residual Holding Corporation is to be dissolved.
(1A) A proclamation may not be made under subclause (1) unless the Treasurer has certified that the dissolution of the SRA Residual Holding Corporation will not result in a breach of any term of a special lease.
(2) On that day, the SRA Residual Holding Corporation, and each SRA Residual Holding Corporation subsidiary, are dissolved and any assets, rights and liabilities of the Corporation and any subsidiary become assets, rights and liabilities of the Crown.
(3) Section 94 and Schedule 4 apply to the assets, rights and liabilities vested in the Crown under this clause in the same way as they apply to the assets, rights and liabilities of a rail authority except that, in so applying those provisions, a reference to the Minister is to be read as a reference to the Treasurer.
(5) Regulations of a savings and transitional nature may be made consequent on the dissolution of the SRA Residual Holding Corporation and any subsidiary of the Corporation.
21 References to SRA Residual Holding Corporation
(1) On the dissolution of the SRA Residual Holding Corporation, the regulations may provide that a reference in any other Act or instrument made under any other Act or in any other instrument of any kind to the SRA Residual Holding Corporation is to be taken to be a reference to another specified person or body.
(2) This clause has effect subject to any transfers of assets, rights and liabilities under this Act.
22 Previous transfers of assets, rights and liabilities of SRA Residual Holding Corporation
Nothing in this Schedule affects the transfer, before the dissolution of the SRA Residual Holding Corporation, of any assets, rights or liabilities of the SRA Residual Holding Corporation under this Act and Schedule 4 continues to apply to or in respect of any such transfer.