TRANSPORT INTEGRATION ACT 2010 - SECT 245 Minister may direct transfer of V/Line Corporation property, rights and liabilities

TRANSPORT INTEGRATION ACT 2010 - SECT 245

    (1)     The Minister may give a direction in writing to V/Line Corporation directing V/Line Corporation to transfer, in accordance with the direction, any property, rights and liabilities of a kind specified in the direction to the Public Transport Development Authority.

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

    (3)     Within the time period specified in a direction under subsection (1), V/Line Corporation must give to the Minister a statement containing the information required by the Minister relating to the property, rights and liabilities of V/Line Corporation to which the direction relates, as at the date specified by the Minister for the purposes of this section.

    (4)     Unless V/Line Corporation otherwise agrees, the time period specified in a direction under subsection (1) must not be less than 45 days.

    (5)     A statement under this section—

        (a)     must give the value of the property, rights and liabilities of V/Line Corporation to be transferred; and

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

        (c)     must be signed by the chief executive officer of V/Line Corporation.

    (6)     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 Part.

    (7)     The Minister may at any time direct V/Line Corporation to amend a statement given to him or her under this section as specified in the direction.

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

    (9)     An amendment under subsection (8) 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 V/Line Corporation or the Public Transport Development Authority in relation to that statement.

S. 246 inserted by No. 61/2011 s. 4 (as amended by No. 43/2012 s. 3(Sch. item 55)).