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TRANSPORT OPERATIONS (PASSENGER TRANSPORT) ACT 1994 - SECT 197 Transfer of TransLink assets and liabilities to the State

TRANSPORT OPERATIONS (PASSENGER TRANSPORT) ACT 1994 - SECT 197

Transfer of TransLink assets and liabilities to the State

197 Transfer of TransLink assets and liabilities to the State

(1) At the beginning of the day on the transfer day—
(a) TransLink is divested of all TransLink assets and released from all TransLink liabilities; and
(b) TransLink assets become the assets of the State; and
(c) TransLink liabilities are assumed by the State.
(2) This section does not limit or otherwise affect section 195(2)(b).
(3) In this section—


"TransLink asset" means an asset that, immediately before the transfer day, is an asset of TransLink.


"TransLink liability" means a liability that, immediately before the transfer day, is a liability of TransLink.