Emu Bay Railway (Operation and Acquisition) Act 2009 (Tas)

Emu Bay Railway (Operation and Acquisition) Act 2009

An Act to authorise the operation of a rail business on the Emu Bay Railway by PN Tas (Operations) Pty Limited, to ratify the Business Sale Agreement and to ratify or approve supplementary agreements, to vest in the Crown or its nominee certain interests in the Emu Bay Railway not acquired under the Business Sale Agreement, to amend the Boundary Fences Act 1908 and the Rail Infrastructure Act 2007 , to repeal certain Acts and for related purposes [Royal Assent 27 October 2009]

Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:

PART 1 - Preliminary

1. Short title This Act may be cited as the Emu Bay Railway (Operation and Acquisition) Act 2009 .

2. Commencement (1) Except as provided in this section, the provisions of this Act commence on the day on which this Act receives the Royal Assent. (2) Section 12 and Schedule 1 and section 13 and Schedule 2 commence at the time on the day on which completion of the Business Sale Agreement occurs.

3. Interpretation (1) In this Act, unless the contrary intention appears – affected person means a person who, immediately before the completion of the Business Sale Agreement, owns or holds or is entitled to own or hold any estate in the subject railway, or part of the subject railway, pursuant to an Emu Bay security and, for the avoidance of doubt, includes (without limitation) – (a) a trustee for the purposes of a debenture scheme created by an Emu Bay security; and (b) a person claiming through such a trustee; and (c) the holder, or a person entitled to be the holder, of a debenture issued under a debenture scheme created by an Emu Bay security; ASIC means the Australian Securities and Investments Commission established by the Australian Securities and Investments Commission Act 1989 of the Commonwealth and continued by section 261 of the ASIC Act; asset includes any, and any part of any, property, business, operation and right; Business Sale Agreement means the agreement (as amended from time to time), for the sale and purchase of rail infrastructure and related assets and rail businesses, entered into on 4 September 2009 – (a) by the PN group, as the seller; and (b) by the Crown, as the buyer; completion of the Business Sale Agreement means Completion within the meaning of the Business Sale Agreement; Emu Bay Railway means – (a) the railway in Tasmania known as the Emu Bay Railway, and also known as the Melba Line, extending from the port at Emu Bay in the City of Burnie to Melba Flats, including the Handling Facilities within the meaning of the Business Sale Agreement; and (b) the railway known as the Hellyer Spur which runs from the Hellyer Mine site to the eastern boundary of the railway referred to in paragraph (a) at Moory Junction; Emu Bay Railway Company means The Emu Bay Railway Company Limited (ACN 009 475 790); Emu Bay security means – (a) ASIC Charge No. 245871; and (b) ASIC Charge No. 340579; and (c) the debenture scheme created by Indenture No. 11/955 registered in the Registry of Deeds (Hobart) and each mortgage, charge, encumbrance or other security granted under that scheme; and (d) the debenture scheme created by Indenture No. 16/9070 registered in the Registry of Deeds (Hobart) and each mortgage, charge, encumbrance or other security granted under that scheme; and (e) any other mortgage, charge, encumbrance or other security granted by the Emu Bay Railway Company, or any predecessor in title of that Company, that affects the subject railway, or a part of the subject railway, immediately before the completion of the Business Sale Agreement; estate includes any estate, interest, easement, right, title, claim, demand, charge, lien and encumbrance; nominee means a nominee appointed by the Crown under clause 31.1 of the Business Sale Agreement to complete the purchase under that Agreement of some or all of the Business (including some or all of the Assets), within the meaning of that Agreement; PN group means Pacific National Pty Ltd (ACN 098 060 550), Pacific National (Tasmania) Pty Limited (ACN 079 371 305), PN Tas (Operations) Pty Limited (ACN 078 295 468), formerly known as Tasrail Pty Limited, and PN Tas (Services) Pty Limited (ACN 078 906 519), together; rail business means the business of rail haulage on a railway in Tasmania and associated services, including (without limitation) capital works, maintenance, storage, loading, train control and safety functions, carried on in Tasmania; rail infrastructure and related assets means – (a) rail infrastructure within the meaning of the Rail Infrastructure Act 2007 ; or (b) rolling stock within the meaning of the Rail Safety National Law (Tasmania) Act 2012 ; or (c) any other asset used, or that is intended for use or has been used, in connection with the operation of a rail business in Tasmania; or (d) any other asset purchased by the Crown or a nominee under the Business Sale Agreement; railway includes the track of the railway, the rail corridor of the railway and all of the attendant rail infrastructure and related assets but does not include the railways, or railways of a kind, specified in Part 2 of Schedule 1 to the Rail Infrastructure Act 2007 ; remaining interest means any estate in the subject railway, or part of the subject railway, that is not purchased by the Crown or a nominee under the Business Sale Agreement but, immediately before completion of the Business Sale Agreement – (a) is owned or held by the Emu Bay Railway Company; or (b) is owned or held by an affected person, or which an affected person is entitled to own or hold, pursuant to an Emu Bay security; right includes any right, power, privilege and immunity, whether actual, contingent or prospective; subject railway means that part of the Emu Bay Railway in relation to which the PN group is selling its estate under the Business Sale Agreement. (2) A reference in this Act to an ASIC Charge with a number is a reference to a charge entered, with that number, in the register kept by ASIC under section 265 of the Corporations Act.