Freight Rail Corporation (Sale) Act 2001 (NSW)

Freight Rail Corporation (Sale) Act 2001 No 35

An Act to provide for the sale of the business undertaking of the Freight Rail Corporation; and for other purposes.

Part 1 Preliminary

1 Name of Act This Act is the Freight Rail Corporation (Sale) Act 2001.

2 Commencement (1) This Act (other than section 53 and Schedule 3) is taken to have commenced on 13 July 2001. (2) Section 53 and Schedule 3 to this Act commence on a day or days to be appointed by proclamation.

3 Definitions (1) In this Act: assets means any legal or equitable estate or interest (whether present or future and whether vested or contingent) in real or personal property of any description (including money), and includes securities, choses in action and documents. business undertaking of FreightCorp means all the assets, rights and liabilities of FreightCorp. excluded undertaking means any assets, rights or liabilities of the business undertaking of FreightCorp that are excluded from sale under this Act pursuant to section 9. exercise a function includes perform a duty. FreightCorp means the Freight Rail Corporation constituted under the Transport Administration Act 1988. FreightCorp's purchaser means: (a) when the sale of FreightCorp is under Part 3 (Sale method 1—direct transfer of undertaking to purchaser)—the purchaser to whom the assets, rights and liabilities that comprise the business undertaking of FreightCorp are transferred under that Part, or (b) when the sale of FreightCorp is under Part 4 (Sale method 2—conversion to company and sale of company to purchaser)—the purchaser to whom the shares in the sale company are transferred under that Part, or (c) when the sale of FreightCorp is under Part 5 (Sale method 3—transfer of undertaking to company and sale of company to purchaser)—the purchaser to whom the shares in the sale company are transferred under that Part. function includes a power, authority or duty. instrument means an instrument (other than this Act) that creates, modifies or extinguishes rights or liabilities (or would do so if lodged, filed or registered in accordance with any law), and includes any judgment, order or process of a court. liabilities means all liabilities, debts and obligations (whether present or future and whether vested or contingent). Ministerial Holding Corporation means the Ministerial Holding Corporation constituted by section 37B of the State Owned Corporations Act 1989. rights means all rights, powers, privileges and immunities (whether present or future and whether vested or contingent). special lease means any lease or sublease of property forming part of the business undertaking of FreightCorp that the Treasurer declares by order in writing to be a special lease for the purposes of this Act. (2) Notes in the text of this Act do not form part of this Act.