Airport Assets (Restructuring and Disposal) Act 2008 (Qld)

Airport Assets (Restructuring and Disposal) Act 2008

An Act to facilitate disposal of particular airport businesses, including by facilitating the restructure or disposal of airport entities, and to make provision about land use planning for, and control of, particular airports after the disposal

Chapter 1 Preliminary

Part 1 Introduction

1 Short title This Act may be cited as the Airport Assets (Restructuring and Disposal) Act 2008.

2 Commencement The following provisions commence on a day to be fixed by proclamation— (a) section 130; (b) chapter 7, part 7, division 3.

3 Main purposes of Act (1) The main purposes of this Act are— (a) to facilitate the carrying out of a project relating to the disposal of interests in airports at Cairns, Mackay and Brisbane; and (b) to establish a planning regime for airport land at Cairns and Mackay; and (c) to provide for particular matters about the continuing operation of airports at Cairns and Mackay. (2) It is the intention of the Parliament that the funds realised from the divestment of airport assets under this Act be applied towards health and other regional infrastructure and that any surplus be retained in the Queensland future growth fund for investment in future regional infrastructure.

Part 2 Interpretation

4 Dictionary The dictionary in schedule 3 defines particular words used in this Act.

5 The project The project is— (a) disposing of particular airport businesses, assets and liabilities of Cairns Ports and Mackay Ports; and (b) taking steps to facilitate the disposal mentioned in paragraph (a), including by— (i) restructuring businesses, assets and liabilities of Cairns Ports and Mackay Ports, their subsidiaries and other airport entities; and (ii) disposing of airport entities: and (c) disposing of shares in BAC Holdings held by Gateway; and (d) taking other steps relating to the disposal of Gateway's interest in BAC Holdings, including— (i) restructuring Gateway and its assets for the purpose of the disposal; and (ii) facilitating agreement about the terms of a shareholders deed of covenant and facilitating execution of the deed; and (e) disposing of shares in Gateway held by POBC, and taking steps to facilitate that disposal.