TOTE Tasmania (Sale) Act 2009 (Tas)

TOTE Tasmania (Sale) Act 2009

An Act to provide for the sale of shares in, or the business of, TOTE Tasmania and its subsidiaries, to consequentially amend the TOTE Tasmania Act 2000 , to repeal and revoke certain legislation and for related purposes [Royal Assent 15 May 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 TOTE Tasmania (Sale) Act 2009 .

2. Commencement This Act commences on the day on which this Act receives the Royal Assent.

3. Interpretation In this Act, unless the contrary intention appears – asset includes any real and personal property, operation, right and licence; business, in relation to TOTE Tasmania or a TOTE subsidiary, has the meaning given by section 4 ; contract includes an agreement and an arrangement; legal proceeding includes arbitration and mediation; liability means an actual, contingent or prospective liability, duty or obligation; property means – (a) any legal or equitable estate or interest (whether present or future and whether vested or contingent) in real or personal property; and (b) money, documents and securities; and (c) shares in a TOTE subsidiary; and (d) any other rights; right means a right, power, privilege or immunity, whether present or future and whether vested or contingent; sale day means – (a) in relation to the sale of shares in TOTE Tasmania or in a TOTE subsidiary under section 5(1)(a) or (c) , the day on which those shares are acquired by the purchaser; or (b) in relation to the sale of the business of TOTE Tasmania or of a TOTE subsidiary under section 5(1)(b) or (d) , the day on which the business vests in the purchaser; statutory rule means a statutory rule within the meaning of the Rules Publication Act 1953 ; TOTE subsidiary means a subsidiary, within the meaning of the Corporations Act, of TOTE Tasmania; TOTE Tasmania means the company formed under section 6 of the TOTE Tasmania Act 2000 .