TRANSPORT INTEGRATION ACT 2010 - SECT 159 Capital

TRANSPORT INTEGRATION ACT 2010 - SECT 159

    (1)     The capital of a Transport Corporation is equal to the sum of—

        (a)     the amount of the Transport Corporation's initial capital under this Act in accordance with section 158(1); and

        (b)     any part of the Transport Corporation's liabilities that is converted into capital at the direction of the Minister; and

        (c)     any amounts paid to the Transport Corporation out of money appropriated by the Parliament for the purpose of providing capital; and

        (d)     any part of the Transport Corporation's reserves that is converted into capital at the direction of the Minister after consultation with the board of directors of the Transport Corporation—

less any amount of capital repaid under section 160.

S. 159(2) inserted by No. 45/2010 s. 11, amended by Nos 38/2011 s. 13, 10/2016 s. 179(Sch.  1 item 8.15), 19/2022 s. 7.

    (2)     This section applies to Ports Victoria and the Port of Hastings Corporation with the following modification—in subsection (1)(b) and (1)(d), a reference to the Minister is taken to be a reference to the Treasurer.

S. 159(3) inserted by No. 34/2023 s. 91.

    (3)     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 the chief executive officer of V/Line Corporation.