TRANSPORT INTEGRATION ACT 2010 - SECT 225 Minister may direct transfer of Port of Melbourne Corporation property to Victorian Regional Channels Authority

TRANSPORT INTEGRATION ACT 2010 - SECT 225

    (1)     The Minister may give a direction in writing to the Port of Melbourne Corporation directing it to transfer, in accordance with the direction, any property, rights and liabilities of a kind specified in the direction to the Victorian Regional Channels Authority.

    (2)     A direction under subsection (1) may include directions as to the method of valuation to be used by the Port of Melbourne Corporation for the purposes of determining the value of property, rights and liabilities to be transferred.

    (3)     Within 45 days after receiving a direction under subsection (1), the Port of Melbourne Corporation must give to the Minister a statement containing the information required by the Minister relating to the property, rights and liabilities of the Port of Melbourne Corporation to which the direction relates, as at the date specified by the Minister for the purposes of this section.

    (4)     A statement under this section—

        (a)     must give the value of the property, rights and liabilities of the Port of Melbourne Corporation to be transferred; and

        (b)     must allocate the property, rights and liabilities of the Port of Melbourne Corporation shown in the statement in accordance with the directions of the Minister; and

        (c)     must be signed by the chief executive officer of the Port of Melbourne Corporation.

    (5)     If a statement under this section is approved by the Minister—

        (a)     the Minister must sign the statement; and

        (b)     the statement is an allocation statement for the purposes of this Division.

    (6)     The Minister may at any time direct the Port of Melbourne Corporation to amend a statement given to him or her under this section as specified in the direction.

    (7)     An allocation statement under this section may be amended by writing signed by the Minister.

    (8)     An amendment under subsection (7) to an allocation statement made after the relevant date in relation to that statement may be made with effect from that relevant date if the Minister is satisfied that the amendment does not adversely affect any property, rights or liabilities of a person other than the Port of Melbourne Corporation or the Victorian Regional Channels Authority in relation to that statement.

S. 226 inserted by No. 38/2011 s. 21.