Land and Property Information NSW (Authorised Transaction) Act 2016 (NSW)

Land and Property Information NSW (Authorised Transaction) Act 2016 No 46

An Act to provide for the transfer of the assets and staff of the Titling and Registry Services Division of Land and Property Information NSW and to provide for a concession for the operation of titling and registry services by the private sector; and for other purposes.

Part 1 Preliminary

1 Name of Act This Act is the Land and Property Information NSW (Authorised Transaction) Act 2016.

2 Commencement (1) This Act commences on the date of assent to this Act except as provided by this section. (2) Schedule 4 (Amendment of Acts) commences on a day or days to be appointed by proclamation.

3 Interpretation—key definitions

Note— Schedule 1 contains other interpretative provisions. The Interpretation Act 1987 contains definitions and other provisions that affect the interpretation and application of this Act. In this Act— authorised concession—see section 4. authorised operator means a private sector entity appointed as the authorised operator by the authorised concession arrangements. authorised transaction—see section 4. titling and registry assets means assets, rights and liabilities used, accrued or incurred in the course of or otherwise in connection with the exercise of titling and registry functions. titling and registry functions means functions of the Registrar-General that are exercised in the course of or in connection with the administration or execution of the Real Property Act 1900, the Conveyancing Act 1919 or any other Act. titling and registry services means services provided in the exercise of titling and registry functions.

Part 2 The authorised transaction

4 Authorisation for asset transfer, concession and re-vesting (1) This Act authorises the following (collectively referred to in this Act as the authorised transaction)— (a) the transfer, by the Treasurer, of titling and registry assets of a public sector agency to the private sector or any public sector agency (referred to in this Act as an authorised asset transfer), (b) arrangements, established by the portfolio Minister with the approval of the Treasurer, to authorise and otherwise facilitate the provision of titling and registry services by a private sector entity (or a related entity of a private sector entity) to which titling and registry assets are transferred under this Act (referred to in this Act as the authorised concession), (c) the transfer, by the portfolio Minister, of titling and registry assets of the authorised operator to a private sector entity or public sector agency on termination of the authorised concession and as provided by the authorised concession arrangements (referred to in this Act as re-vesting on termination). (2) The authorised concession is limited to a term of 35 years and cannot be renewed or extended beyond that term.