TRANSPORT INTEGRATION ACT 2010 - SECT 158 Determination of initial capital

TRANSPORT INTEGRATION ACT 2010 - SECT 158

    (1)     The Minister must determine the amount of initial capital of a Transport Corporation.

    (2)     In making the determination, the Minister must have regard to any relevant advice that the board of directors of the Transport Corporation has given to the Minister.

    (3)     The determination must be in writing.

    (4)     The value of the capital is—

        (a)     the value specified in the determination; or

        (b)     if the Minister and the board of directors of the Transport Corporation agree that the value so specified does not correctly represent the value, the value agreed by the Minister and the board of directors.

    (5)     For the purposes of this Part, the amount of initial capital determined by the Minister in respect of Victorian Rail Track and V/Line Passenger Corporation under section 33 of the Rail Corporations Act 1996 (as in force immediately before the commencement of this section) is deemed to have been determined under this section.

S. 158(6) inserted by No. 45/2010 s. 10, amended by Nos 38/2011 s. 12, 10/2016 s. 179(Sch.  1 item 8.14), 19/2022 s. 6.

    (6)     This section applies to Ports Victoria and the Port of Hastings Corporation, with the following modifications—

        (a)     in subsection (1), a reference to the Minister is taken to be a reference to the Treasurer after consultation with the Minister;

        (b)     in subsections (2) and (4)(b), a reference to the Minister is taken to be a reference to the Treasurer.

S. 158(7) inserted by No. 45/2010 s. 10.

    (7)     For the purposes of this Part, the amount of initial capital determined by the Treasurer in respect of the Port of Melbourne Corporation and the Victorian Regional Channels Authority under section 39 of the Port Services Act 1995 (as in force immediately before the commencement of section 33 of the Transport Legislation Amendment (Ports Integration) Act 2010 ) is deemed to have been determined under this section.

S. 158(8) inserted by No. 34/2023 s. 90.

    (8)     This section applies to V/Line Corporation as if a reference to the board of directors of a Transport Corporation in the section were a reference to V/Line Corporation.

S. 159 amended by No. 45/2010 s. 11 (ILA s. 39B(1)).