TRANSPORT INTEGRATION ACT 2010 - SECT 275 Transfer of V/Line Pty Ltd property, rights and liabilities

TRANSPORT INTEGRATION ACT 2010 - SECT 275

    (1)     This section applies if, with the consent of the Minister, V/Line Pty Ltd enters into an agreement with V/Line Corporation for the purposes of this Part.

    (2)     If more than one agreement is entered under subsection (1), this section applies in respect of each of those agreements.

    (3)     V/Line Pty Ltd may enter into an agreement under subsection (1) before or after it has resolved to voluntarily wind up.

    (4)     If this section applies, the Chair of the Board of V/Line Corporation may in accordance with the agreement give the Minister a statement relating to the transfer of property, rights and liabilities specified in the agreement to V/Line Corporation.

    (5)     A statement under this section—

        (a)     must allocate the property, rights and liabilities of V/Line Pty Ltd shown in the statement in accordance with the agreement; and

        (b)     must be signed by the Chair of the Board of V/Line Corporation.

    (6)     If a statement under this section is given under an agreement entered into before V/Line Pty Ltd has resolved to voluntarily wind up, the Minister—

        (a)     may approve the statement; and

        (b)     if the Minister approves the statement, must sign the statement.

    (7)     If a statement under this section is given under an agreement entered into after V/Line Pty Ltd has resolved to voluntarily wind up, the Minister must—

        (a)     approve the statement; and

        (b)     sign the statement.

    (8)     A statement signed by the Minister is an allocation statement for the purposes of this

Part.

    (9)     Subject to subsection (10), an allocation statement under this section may be amended by writing signed by the Minister.

    (10)     An amendment under subsection (9) to an allocation statement made after the relevant date in relation to that statement may be made with effect from that relevant date if—

        (a)     the Minister is satisfied that the amendment is in accordance with the agreement between V/Line Pty Ltd and V/Line Corporation and does not adversely affect any property, rights or liabilities of a person other than V/Line Pty Ltd or V/Line Corporation; and

        (b)     the Minister has obtained the consent of the liquidator of V/Line Pty Ltd to the proposed amendment if the statement was given under an agreement entered into after V/Line Pty Ltd has resolved to voluntarily wind up.

S. 276 inserted by No. 3/2017 s. 51.