{"id":"territory-insurance-office-sale-act-2014","name":"Territory Insurance Office (Sale) Act 2014","slug":"territory-insurance-office-sale-act-2014","collection":"act","jurisdiction":"nt","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":30664,"registerId":"nt-territory-insurance-office-sale-act-2014-current","compilationNumber":null,"startDate":"2026-04-01","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Territory Insurance Office (Sale) Act 2014","content":"NORTHERN TERRITORY OF AUSTRALIA\nTERRITORY INSURANCE OFFICE (SALE) ACT 2014\nAs in force at 1 January 2015\nTable of provisions\nPart 1 Preliminary matters\n1 Short title ......................................................................................... 1\n2 Commencement .............................................................................. 1\n3 Definitions ........................................................................................ 1\n4 Meaning of instrument applies to a person ...................................... 4\n5 Meaning of done under this Act ....................................................... 4\n6 Act binds Crown .............................................................................. 4\n7 Extra-territorial operation of Act ....................................................... 4\nPart 2 Sale of TIO businesses\n8 Sale of insurance business .............................................................. 5\n9 Management of MAC business........................................................ 5\n10 Sale of banking business ................................................................. 5\n11 Proceeds ......................................................................................... 6\n12 Powers of Minister, TIO etc. ............................................................ 7\nPart 3 Statutory transfer to facilitate sale\n13 Application of Part ........................................................................... 8\n14 Minister may make transfer order .................................................... 8\n15 Content of transfer order ................................................................. 9\n16 Provisions required in transfer order if purchaser to be\nsuccessor ...................................................................................... 11\n17 Effect of transfer order ................................................................... 12\n18 Preconditions ................................................................................. 13\n19 Completion of necessary transactions ........................................... 13\n20 Registration of transfer .................................................................. 13\n21 Notice of transfer ........................................................................... 14\n22 Change of parties to proceedings .................................................. 14\n23 General transitional provision following transfer order ................... 15\n24 Remedial transfer order – wrong pocket corrections ..................... 17\n25 Reversal of transfer order – failure to complete sale ..................... 18\nPart 4 Effect of things done under Act\n26 Contravention of laws, civil wrongs, etc. ........................................ 19\n27 Instruments .................................................................................... 19\n28 Joint ownership and joint liability ................................................... 20\n29 Compensation not payable ............................................................ 20\n\nTerritory Insurance Office (Sale) Act 2014 ii\n30 Territory fees ................................................................................. 20\nPart 5 Miscellaneous matters\n31 Lists to be available to interested persons ..................................... 21\n32 Certificate that thing done under Act ............................................. 21\n33 Cessation of statutory guarantees ................................................. 21\n34 Procurement Act 1995 not to apply ............................................... 21\n35 Acquisition on just terms ................................................................ 22\n36 Regulations.................................................................................... 22\nENDNOTES\n\nNORTHERN TERRITORY OF AUSTRALIA\n____________________\nAs in force at 1 January 2015\n____________________\nTERRITORY INSURANCE OFFICE (SALE) ACT 2014\nAn Act to facilitate the sale of part of the business of the Territory Insurance\nOffice, and for related purposes\nPart 1 Preliminary matters\n1 Short title\nThis Act may be cited as the Territory Insurance Office (Sale)\nAct 2014.\n2 Commencement\n(1) This Act, other than Part 6, Divisions 1 to 3, commences on the day\non which the Administrator's assent to the Act is declared.\n(2) If the banking sale date is before the insurance sale date, then\nPart 6, Division 1 commences on the banking sale date.\n(3) Part 6, Division 2 commences on the day fixed by the Administrator\nby Gazette notice.\n(4) Part 6, Division 3 commences on the insurance sale date.\n3 Definitions\nIn this Act:\napply, for an instrument in relation to a person, see section 4.\nasset includes:\n(a) a legal or equitable interest of any kind (whether present or\nfuture and whether vested or contingent) in property of any\nkind (whether real or personal and whether tangible or\nintangible); and\n(b) a right of any kind; and\n(c) goodwill; and\n\nPart 1 Preliminary matters\nTerritory Insurance Office (Sale) Act 2014 2\n(d) documents and information.\nbanking business means the part of TIO's business that relates to\nbanking (including the management of the Homestart NT scheme).\nbanking sale agreement, see section 10(2).\nbanking sale date, see section 10(4).\ndone under this Act, see section 5.\ninstrument means a document (other than an Act or subordinate\nlegislation but including any other statutory instrument) that:\n(a) creates, evidences, modifies or extinguishes an asset, liability\nor right of any kind; or\n(b) constitutes an offer that, if accepted, will create, evidence,\nmodify or extinguish an asset, liability or right of any kind.\nExamples for definition instrument\n1 For paragraph (a) – a contract or other agreement to which TIO is a party,\nor an undertaking given by TIO.\n2 For paragraph (b) – an insurance application form filled in by a potential\ninsured and sent to TIO which, if accepted by TIO, will create a contract of\ninsurance.\ninsurance business means the part of TIO's business that relates\nto insurance, excluding the MAC business.\ninsurance sale agreement, see section 8(2).\ninsurance sale date, see section 8(4).\nliability means a liability, duty or obligation of any kind (whether\npresent or future, whether vested or contingent and whether\ncreated expressly or arising by implication from conduct) that:\n(a) is legally enforceable; or\n(b) is of a kind that would customarily be discharged or performed\nin the ordinary course of carrying on the business of insurance\nor banking.\nExample for definition liability, paragraph (b)\nAn obligation to honour a claim made on an insurance policy if the claim is\nlodged late but within a customarily recognised grace period.\n\nPart 1 Preliminary matters\nTerritory Insurance Office (Sale) Act 2014 3\nMAC business means the part of TIO's business that relates to:\n(a) administering the scheme of compensation established by the\nMotor Accidents (Compensation) Act 1979; and\n(b) managing the Motor Accidents (Compensation) Fund\nestablished by section 22B of the TIO Act.\nMACC Act means the Motor Accidents (Compensation)\nCommission Act 2014.\nMAC Commission means the Motor Accidents (Compensation)\nCommission continued under section 5 of the MACC Act.\nproceedings means proceedings before a court, tribunal or other\ndecision making body or person.\npurchaser means the purchaser under the insurance sale\nagreement or banking sale agreement (as the case requires).\nright means a right, entitlement, permission, immunity or privilege\nof any kind (whether present or future, whether vested or contingent\nand whether created expressly or arising by implication from\nconduct) that:\n(a) is enforceable or recognised in law or equity; or\n(b) is of a kind that would customarily be recognised in the\nordinary course of carrying on the business of insurance or\nbanking.\nExample for definition right, paragraph (b)\nThe right of an insurer to accept an application to renew a policy of insurance that\nis received late but within a customarily recognised grace period, and to renew\nthe policy with retrospective effect.\nsale of the banking business means the sale of so much of the\nbanking business as is agreed to be sold under section 10.\nsale of the insurance business means the sale of so much of the\ninsurance business as is agreed to be sold under section 8.\nTIO means the Territory Insurance Office established under the TIO\nAct (including that Office as continued as the MAC Commission).\nTIO Act means the Territory Insurance Office Act 1979.\ntransfer order means an order made under section 14.\nvendor means either or both of TIO or the Territory.\n\nPart 1 Preliminary matters\nTerritory Insurance Office (Sale) Act 2014 4\n4 Meaning of instrument applies to a person\nAn instrument applies to a person if:\n(a) the person is a party to the instrument; or\n(b) the instrument was made or given by, to or in favour of the\nperson; or\n(c) the instrument confers a right or liability on the person; or\n(d) the instrument refers to the person; or\n(e) the instrument has any other connection with or application in\nrelation to the person.\n5 Meaning of done under this Act\nA reference in this Act to something done under this Act includes\na reference to anything:\n(a) that is done in the exercise of a power or performance of a\nfunction under this Act; or\n(b) that occurs by operation of a transfer order; or\n(c) that is effected by, or done under, the insurance sale\nagreement or banking sale agreement.\n6 Act binds Crown\nThis Act binds the Crown in right of the Territory and, to the extent\nthe legislative power of the Legislative Assembly permits, the\nCrown in all its other capacities.\n7 Extra-territorial operation of Act\nIt is the intention of Legislative Assembly that the operation of this\nAct is to, as far as possible, include operation in relation to the\nfollowing:\n(a) things situated in or outside the territorial limits of the Territory;\n(b) acts, transactions and matters done, entered into or occurring\nin or outside the territorial limits of the Territory;\n(c) things, acts, transactions and matters (wherever situated,\ndone, entered into or occurring) that would, apart from this\nAct, be governed or otherwise affected by the law of another\njurisdiction.\n\nPart 2 Sale of TIO businesses\nTerritory Insurance Office (Sale) Act 2014 5\nPart 2 Sale of TIO businesses\n8 Sale of insurance business\n(1) The Minister may, on behalf of the Territory and TIO, sell all or part\nof the insurance business.\n(2) The sale is to be a sale by agreement (the insurance sale\nagreement) of such of the vendor's assets and liabilities relating to\nthe insurance business as are agreed by the Minister and\npurchaser.\n(3) The insurance sale agreement may require the Minister to make\none or more transfer orders for the purpose of facilitating the sale.\n(4) Before completion of the sale, the Minister must declare, by\nGazette notice, the time and date when completion of the sale will\ntake place (the insurance sale date).\n9 Management of MAC business\n(1) In conjunction with entering into the insurance sale agreement, the\nMinister may, on behalf of the MAC Commission (which will be a\ncontinuation of TIO), enter into one or more contracts with the\npurchaser of the insurance business delegating to it any of the\npowers or functions that the MAC Commission will have under the\nMACC Act in relation to the MAC business.\n(2) A contract made under subsection (1) cannot take effect before the\ninsurance sale date.\nNote for section 9\nSection 9 of the MACC Act allows for the delegation of these powers and\nfunctions. A contract made under this section will be taken to be a contract\nbetween the Commission and purchaser making a delegation under that section.\n10 Sale of banking business\n(1) The Minister may, on behalf of the Territory and TIO, sell all or part\nof the banking business.\n(2) The sale is to be a sale by agreement (the banking sale\nagreement) of such of the vendor's assets and liabilities relating to\nthe banking business as are agreed by the Minister and purchaser.\n(3) The banking sale agreement may require the Minister to make one\nor more transfer orders for the purpose of facilitating the sale.\n\nPart 2 Sale of TIO businesses\nTerritory Insurance Office (Sale) Act 2014 6\n(4) Before completion of the sale, the Minister must declare, by\nGazette notice, the time and date when completion of the sale will\ntake place (the banking sale date).\n11 Proceeds\n(1) The proceeds:\n(a) belong to, and are payable to, the Territory; and\n(b) are to be paid into the Central Holding Authority.\n(2) If so directed by the Treasurer, the following amounts are to be\ndeducted from the proceeds before they are paid under\nsubsection (1)(b):\n(a) amounts, determined by the Treasurer, to repay debt, or\nsatisfy other liabilities, of TIO or the Territory in relation to the\ninsurance business or the banking business;\n(b) for the proceeds of the sale of the banking business –\namounts, determined by the Treasurer, to be paid to TIO to\nenable it to perform its functions in relation to the residual\nbanking business (as defined in section 3 of the TIO Act or\nsection 31 of the MACC Act, as the case requires);\n(c) amounts, determined by the Treasurer, to pay (or to reimburse\nTIO or an Agency for the payment of):\n(i) any tax, duty, charge or fee payable in relation to\nanything done under this Act; or\n(ii) other expenses reasonably incurred in relation to\nanything done under this Act.\n(3) An amount paid to TIO under subsection (2)(b):\n(a) if it is paid before the insurance sale date – must be credited\nto the account mentioned in section 23(3A) of the TIO Act; or\n(b) otherwise – forms part of the moneys of the MAC Commission\nin relation to the MACC banking business as mentioned in\nsection 34 of the MACC Act.\n(4) In this section:\nproceeds means:\n(a) the proceeds of the sale of the insurance business; and\n\nPart 2 Sale of TIO businesses\nTerritory Insurance Office (Sale) Act 2014 7\n(b) any amount payable by the purchaser of the insurance\nbusiness as consideration for Minister entering into a contract\nunder section 9; and\n(c) the proceeds of the sale of the banking business.\n12 Powers of Minister, TIO etc.\n(1) The Minister may do anything necessary or convenient to be done\nfor the purpose of exercising a power under this Act.\n(2) Without limiting subsection (1), in relation to the sale of the\ninsurance business or the sale of the banking business the Minister\nmay do anything necessary or convenient to be done:\n(a) to facilitate the sale of the insurance business or the sale of\nthe banking business; or\n(b) to ensure the orderly sale of the business; or\n(c) in consequence of, or incidental to, that sale.\n(3) The Minister may, in writing, direct TIO to do anything necessary or\nconvenient to be done:\n(a) to facilitate the sale of the insurance business or the sale of\nthe banking business; or\n(b) to ensure the orderly sale of the business; or\n(c) in consequence of, or incidental to, that sale.\n(4) TIO:\n(a) must comply with any direction given under subsection (3);\nand\n(b) may do anything necessary or convenient to be done for the\npurpose of enabling the Minister to exercise a power under\nthis Act.\n(5) Any preparatory action taken by the Minister or TIO before the\ncommencement of this section (including before the enactment of\nthis Act) is taken to be, and always to have been, as valid as it\nwould have been had this Act been in force at the time the action\nwas taken.\n\nPart 3 Statutory transfer to facilitate sale\nTerritory Insurance Office (Sale) Act 2014 8\n(6) In this section:\npreparatory action means anything done, or authorised to be\ndone, (including the execution by the Minister of an insurance sale\nagreement or banking sale agreement) in contemplation of, or\npreparation for, the Minister exercising a power of a kind conferred\nby this Act.\nTIO includes the following:\n(a) the Board (as defined in section 9(1) of the TIO Act);\n(b) a member (as defined in section 3 of the TIO Act);\n(c) the Chief Executive Officer (as defined in section 3 of the TIO\nAct);\n(d) a member of the staff of TIO;\n(e) after the commencement of the MACC Act – each of the\nfollowing (as defined in section 3 of that Act):\n(i) the Commission;\n(ii) the Commissioner;\n(iii) any Associate Commissioner.\nPart 3 Statutory transfer to facilitate sale\n13 Application of Part\nThis Part applies:\n(a) in relation to the insurance business – if the insurance sale\nagreement requires the Minister to make one or more transfer\norders; and\n(b) in relation to the banking business – if the banking sale\nagreement requires the Minister to make one or more transfer\norders.\n14 Minister may make transfer order\n(1) The Minister may, by Gazette notice, make one or more orders\nunder this section for the purpose of facilitating the sale of the\ninsurance business or the sale of the banking business (as the case\nrequires).\n\nPart 3 Statutory transfer to facilitate sale\nTerritory Insurance Office (Sale) Act 2014 9\n(2) However, the Minister must not make a transfer order unless the\npurchaser has agreed to the order being made.\n15 Content of transfer order\n(1) A transfer order may do one or more of the following:\n(a) provide that the purchaser is the successor in law of TIO to\nthe extent of so much of the insurance business or banking\nbusiness as is specified in the order;\n(b) provide that all or part of an asset or liability of the vendor:\n(i) ceases to be an asset or liability of the vendor; and\n(ii) becomes an asset or liability of the purchaser;\n(c) in relation to an instrument that would, apart from the order,\napply to the vendor, provide that the instrument becomes an\ninstrument that:\n(i) applies to:\n(A) the purchaser instead of the vendor; or\n(B) the purchaser as well as the vendor; or\n(C) the vendor as if the order had not been made; and\n(ii) applies to the purchaser or vendor to the extent set out\nin the order; and\n(iii) has effect as modified as set out in the order;\n(d) in relation to proceedings to which, apart from the order, the\nvendor would be a party, provide that:\n(i) the purchaser becomes a party to the proceedings in\nplace of the vendor; or\n(ii) the purchaser becomes a party to the proceedings, as\nwell as the vendor, to the extent set out in the order; or\n(iii) the vendor continues as a party to the proceedings as if\nthe order had not been made;\n\nPart 3 Statutory transfer to facilitate sale\nTerritory Insurance Office (Sale) Act 2014 10\n(e) in relation to a right that would, apart from the order, be\navailable to or against the vendor – provide that the right\nbecomes a right that:\n(i) is available to or against the purchaser instead of the\nvendor; or\n(ii) is available to or against the purchaser, as well as the\nvendor, to the extent set out in the order; or\n(iii) continues to be available to or against the vendor as if\nthe order had not been made;\n(f) make provision for matters that are incidental to, or\nconsequential on, the order making provision for a matter\nmentioned in paragraphs (a) to (e) or section 16;\n(g) make provision for any other matter in respect of which it is\nnecessary or convenient for provision to be made:\n(i) to ensure the effective operation of the transfer order in\nrelation to a matter mentioned in paragraphs (a) to (f) or\nsection 16; or\n(ii) to ensure the orderly sale of the insurance business or\nthe sale of the banking business (as the case requires);\nor\n(iii) in consequence of, or incidental to, that sale.\nNote for subsection (1)(a)\nIf a transfer order provides that the purchaser is to be the successor in law of TIO\nas mentioned in subsection (1)(a), the transfer order must also include the\nprovisions required by section 16.\n(2) The order may identify something:\n(a) by identifying the thing in the order; or\n(b) by reference to one or more lists of things included in the\ninsurance sale agreement or banking sale agreement.\n(3) The order, or a list mentioned in subsection (2)(b), may identify\nthings individually or as classes of things.\n(4) If the order provides for things to be identified by reference to a list,\nthe order may also provide that a matter relating to that thing that\nsubsection (1) or section 16 provides may be set out in the order,\nmay also be set out in the list.\n\nPart 3 Statutory transfer to facilitate sale\nTerritory Insurance Office (Sale) Act 2014 11\n16 Provisions required in transfer order if purchaser to be\nsuccessor\n(1) This section applies if a transfer order provides that the purchaser\nis to be the successor in law of TIO to the extent of all or part of the\ninsurance business or banking business.\n(2) The transfer order must provide that in consequence of the\npurchaser becoming the successor in law of TIO:\n(a) all included assets and included liabilities:\n(i) cease to be assets or liabilities of the vendor; and\n(ii) vest in, and become assets or liabilities of, the\npurchaser; and\n(b) all included instruments that would, apart from the order, apply\nto the vendor become instruments that:\n(i) apply to the purchaser instead of the vendor; and\n(ii) as so applying, are taken to have been modified as set\nout in the order; and\n(c) all included rights that would, apart from the order, be\navailable to or against the vendor:\n(i) cease to be available to or against the vendor; and\n(ii) become rights available to or against the purchaser; and\n(d) in all included proceedings, the purchaser becomes a party to\nthe proceedings in place of the vendor.\n(3) The transfer order must also provide that, despite the purchaser\nbecoming the successor in law of TIO:\n(a) all excluded assets remain assets of the vendor; and\n(b) all excluded liabilities remain liabilities of the vendor; and\n(c) all excluded instruments continue to apply to the vendor; and\n(d) all excluded rights continue to be available to or against the\nvendor; and\n(e) in all excluded proceedings, the vendor continues to be a\nparty to the proceedings;\nas if the transfer order had not been made.\n\nPart 3 Statutory transfer to facilitate sale\nTerritory Insurance Office (Sale) Act 2014 12\n(4) The transfer order may provide for any other effect of the purchaser\nbecoming the successor in law of TIO.\n(5) In this section:\nexcluded, for a thing, means the thing is identified in the transfer\norder as not being part of the insurance business or banking\nbusiness in respect of which the purchaser is to become the\nsuccessor in law of TIO.\nincluded, for a thing, means the thing is identified in the transfer\norder as being part of the insurance business or banking business\nin respect of which the purchaser is to become the successor in law\nof TIO.\n17 Effect of transfer order\n(1) A transfer order:\n(a) takes effect on the date it is made or a later date specified in\nit; and\n(b) has effect according to its terms.\n(2) Anything that occurs by operation of a transfer order has effect:\n(a) without the need for any separate transfer, conveyance,\nassignment or novation; and\n(b) despite anything in any law in force at the time the order is\nmade.\n(3) If a transfer order provides that a purchaser becomes the successor\nin law of TIO to the extent of all or part of the insurance business or\nbanking business, that succession has effect as if:\n(a) the purchaser were a continuation of, and the same legal\nentity as, TIO to that extent; and\n(b) TIO had, to that extent, ceased to exist.\nNote for subsection (3)\nThe body corporate currently called the Territory Insurance Office will continue in\nexistence after the sale of the insurance business and banking business.\nHowever, as a result of amendments and repeals to be made by Part 6 and the\nenactment of the MACC Act:\n(a) on the insurance sale date, TIO will become the MAC Commission and will\ncease to have power to conduct the insurance business; and\n(b) on the banking sale date, TIO will cease to have power to conduct the\nbanking business.\n\nPart 3 Statutory transfer to facilitate sale\nTerritory Insurance Office (Sale) Act 2014 13\n18 Preconditions\n(1) If, apart from this section, a precondition would have to be satisfied\nbefore something that is done by a transfer order could occur, the\nprecondition is taken to have been satisfied unconditionally before\nthe order has effect.\n(2) However, subsection (1) does not apply in relation to a precondition\nimposed by the insurance sale agreement or the banking sale\nagreement.\nExamples for section 18\n1 If notice would otherwise be required to be given before something could\nbe done, the notice is taken to have been given.\n2 If the approval of a person would otherwise be required before something\ncould be done, the approval is taken to have been given unconditionally.\n19 Completion of necessary transactions\n(1) This section applies if there is any impediment to a provision of a\ntransfer order having effect (for example, because a matter is\ngoverned by a law of another jurisdiction).\n(2) The purchaser, TIO and the Minister must take all practicable steps\nto ensure that the effect sought to be achieved by the provision is\nachieved.\n20 Registration of transfer\n(1) If an asset, liability, instrument or right is affected by a transfer\norder, any relevant statutory register is taken to have been updated\nto record the effect of the transfer order when the transfer order had\nits effect.\n(2) If a statutory register is taken to have been updated under\nsubsection (1), the relevant registrar:\n(a) must in fact register the effect of the transfer order if requested\nin writing to do so by the purchaser or vendor; and\n(b) may do so even if no such request has been made.\n(3) On request by the registrar, the purchaser or vendor must give the\nregistrar all documents and information the registrar reasonably\nneeds in order to register the effect of the transfer order.\n\nPart 3 Statutory transfer to facilitate sale\nTerritory Insurance Office (Sale) Act 2014 14\n(4) In this section:\nregister the effect of the transfer order means:\n(a) to record the documents and information necessary to show\nthe effect of the transfer order; and\n(b) to take any other action that is appropriate in consequence of\nthe transfer order having had effect.\nExample for definition register the effect of the transfer order, paragraph (b)\nIf land is transferred it may be appropriate for the Registrar-General to issue a\nnew certificate as to title.\nregistrar means a person who is required or authorised by law to\nmaintain a statutory register.\nstatutory register means a register established under a law to\nregister documents and information relating to, or otherwise record,\ntransactions affecting assets, liabilities, instruments or rights.\nExamples for definition statutory register\n1 The land register under the Land Title Act 2000.\n2 The register kept by the Registrar of Motor Vehicles under the Motor\nVehicles Act 1949.\n21 Notice of transfer\n(1) This section applies if, as a result of something occurring by\noperation of a transfer order, the purchaser or vendor incurs an\nobligation to notify another person of the occurrence of that thing.\n(2) The obligation is taken to have been met if notice of the sale is\npublished in a newspaper circulating throughout the Territory within\n14 days after the thing occurred or any longer period specified in\nthe transfer order.\n(3) The notice must include a summary of the effect of the insurance\nsale agreement or banking sale agreement (as the case requires)\nand transfer order sufficient to inform the person mentioned in\nsubsection (1) of the occurrence of the thing mentioned in that\nsubsection.\n22 Change of parties to proceedings\n(1) This section applies if, by operation of a transfer order, the\npurchaser becomes a party to proceedings instead of the vendor.\n\nPart 3 Statutory transfer to facilitate sale\nTerritory Insurance Office (Sale) Act 2014 15\n(2) The relevant court officer:\n(a) must register the effect of the transfer order if requested in\nwriting to do so by a party to the proceedings or the vendor;\nand\n(b) may register the effect of the transfer order even if no such\nrequest has been made.\n(3) If evidence would, apart from the transfer order, have been\nadducible or admissible in the proceedings by, or in relation to, the\nvendor, then on and after the change of parties, the evidence is\nadducible or admissible by, or in relation to, the purchaser.\n(4) The court may make any order that is necessary or convenient to\nfacilitate the change of parties to the proceedings.\n(5) In this section:\ncourt includes a tribunal or other decision making body or person.\ncourt officer for a court, means the registrar, clerk or other officer\nresponsible for recording matters relating to proceedings before the\ncourt.\nregister the effect of the transfer order means:\n(a) to record the documents and information necessary to show\nthe effect of the transfer order; and\n(b) to take any other action that is appropriate in consequence of\nthe transfer order having had effect.\n23 General transitional provision following transfer order\n(1) This section applies if a transfer order has taken effect in relation to\nthe sale of the insurance business or the sale of the banking\nbusiness.\n(2) If:\n(a) before the relevant date, something had been done, or not\ndone, by or in relation to the vendor in connection with an\naffected thing; and\n(b) immediately before the relevant date, the thing was of ongoing\neffect;\n\nPart 3 Statutory transfer to facilitate sale\nTerritory Insurance Office (Sale) Act 2014 16\nthen, on and after the relevant date, the thing is taken to have been\ndone, or not done, by or in relation to the purchaser.\nExamples for subsection (2)\n1 If a person insured under a TIO insurance policy had lodged a claim with\nTIO the day before the insurance policy is transferred to the purchaser,\nthen after the transfer the claim will be taken to have been lodged with the\npurchaser.\n2 If a law requires TIO to confirm the identity of a person who has applied to\nopen a bank account and before the banking business is transferred to the\npurchaser TIO took steps to do so by sighting the person's passport and\ndriver's licence, then after the business is transferred those steps will be\ntaken to have been taken by the purchaser.\n(3) If a document that includes a reference to the vendor in connection\nwith an affected thing was in existence before the relevant date,\nthen on and after the relevant date, the reference is taken to be or\ninclude a reference to the purchaser, unless the context otherwise\nrequires.\n(4) This section does not apply to the extent that the transfer order\nprovides to the contrary.\n(5) In this section:\naffected thing means any of the following:\n(a) if, by operation of the transfer order, the purchaser became\nthe successor in law of TIO – the part of the insurance\nbusiness or banking business in respect of which the\npurchaser became the successor in law of TIO;\n(b) an asset or liability that, by operation of the transfer order,\nbecomes an asset or liability of the purchaser;\n(c) an instrument that, by operation of the transfer order, applies\nto the purchaser;\n(d) a right that, by operation of the transfer order, becomes a right\nthat is available to or against the purchaser;\n(e) proceedings to which, by operation of the transfer order, the\npurchaser became a party.\nrelevant date, in relation to an affected thing, is the time and date\nwhen, by operation of the relevant transfer order, the thing became\nan affected thing.\n\nPart 3 Statutory transfer to facilitate sale\nTerritory Insurance Office (Sale) Act 2014 17\n24 Remedial transfer order – wrong pocket corrections\n(1) This section applies if:\n(a) a transfer order has taken effect in relation to the sale of the\ninsurance business or the sale of the banking business (the\ninitial order); and\n(b) the Minister is satisfied that there is an error in the effect of the\ninitial order.\n(2) The Minister may make another transfer order (a remedial order)\nunder section 14 to rectify the error in the effect of the initial order.\n(3) However, the Minister must not make a remedial order unless the\npurchaser has agreed to the order being made.\n(4) In relation to a remedial order:\n(a) section 15(1)(a) does not apply; and\n(b) sections 15 (other than subsection (1)(a)), 22 and 23 apply as\nif the references in those sections:\n(i) to the vendor included references to the purchaser; and\n(ii) to the purchaser included references to the vendor; and\n(c) in addition to the matters mentioned in section 15(1), the order\nmay make provision for any other matter in respect of which it\nis necessary or convenient for provision to be made to put any\nperson affected by the initial order into the position the person\nwould have been in had the error in the effect of the initial\norder not occurred.\n(5) The Minister cannot make a remedial order more than 12 months\nafter the insurance sale date or banking sale date (as the case\nrequires).\n(6) A remedial order may have retrospective operation to a day not\nearlier than the insurance sale date or banking sale date (as the\ncase requires).\n(7) However, to the extent to which the order has retrospective\noperation, it does not operate to the disadvantage of a person\n(other than the purchaser or vendor) by:\n(a) decreasing the person's rights; or\n(b) imposing liabilities on the person.\n\nPart 3 Statutory transfer to facilitate sale\nTerritory Insurance Office (Sale) Act 2014 18\n(8) For this section, there is an error in the effect of a transfer order\nif the order:\n(a) did not provide for something that ought to have been\nprovided for; or\n(b) provided for something that ought not to have been provided\nfor; or\n(c) provided for something in a way other than the way in which it\nought to have been provided for.\n(9) In subsection (8), a reference to something that ought to have\nbeen provided for, is a reference to something that it was\nnecessary or convenient to provide for, for the purpose mentioned\nin section 14(1).\n25 Reversal of transfer order – failure to complete sale\n(1) This section applies if:\n(a) a transfer order has taken effect in relation to the sale of the\ninsurance business or the sale of the banking business (the\ninitial order); and\n(b) the Minister is satisfied that completion of the sale in\naccordance with the insurance sale agreement or the banking\nsale agreement (as the case requires) has not occurred.\n(2) The Minister may make another transfer order (a reversal order)\nunder section 14 to reverse the effect of the initial order.\n(3) In relation to a reversal order:\n(a) sections 15, 22 and 23 apply as if:\n(i) references in those sections to the vendor were\nreferences to the purchaser; and\n(ii) references in those sections to the purchaser were\nreferences to the vendor; and\n(b) in addition to the matters mentioned in section 15(1), the order\nmay make provision for any other matter in respect of which it\nis necessary or convenient for provision to be made to put any\nperson affected by the initial order into the position the person\nwould have been in had the initial order not been made.\n(4) The Minister cannot make a reversal order more than 14 days after\nthe insurance sale date or banking sale date (as the case requires).\n\nPart 4 Effect of things done under Act\nTerritory Insurance Office (Sale) Act 2014 19\n(5) A reversal order has retrospective operation to the insurance sale\ndate or banking sale date (as the case requires).\n(6) However, to the extent to which the order has retrospective\noperation, it does not operate to the disadvantage of a person\n(other than the purchaser or vendor) by:\n(a) decreasing the person's rights; or\n(b) imposing liabilities on the person.\nPart 4 Effect of things done under Act\n26 Contravention of laws, civil wrongs, etc.\nNothing done under this Act constitutes a contravention of any law\nor a breach of confidence, breach of a professional code, or other\ncivil wrong.\n27 Instruments\n(1) Nothing done under this Act:\n(a) constitutes a breach of an instrument; or\n(b) fulfils a condition in an instrument that would do any of the\nfollowing:\n(i) allow a person to terminate or modify the operation or\neffect of the instrument;\n(ii) allow a person to enforce an obligation or exercise a\nright under the instrument;\n(iii) release a person from an obligation under the\ninstrument;\n(iv) require a person to perform an obligation under the\ninstrument;\n(v) require money to which the instrument relates to be paid\nbefore the money's stated maturity; or\n(c) constitutes an intervening event for the purposes of an\ninsurance policy or reinsurance policy; or\n(d) causes an instrument to become void or otherwise\nunenforceable; or\n\nPart 4 Effect of things done under Act\nTerritory Insurance Office (Sale) Act 2014 20\n(e) releases any surety from any of the surety's obligations in\nrelation to an instrument.\n(2) This section applies despite anything in an instrument.\n28 Joint ownership and joint liability\n(1) This section applies if an asset or liability that is affected by\nsomething done under this Act is:\n(a) an interest in property in which another person also has an\ninterest; or\n(b) a liability that is owed jointly with another person.\n(2) Nothing done under this Act severs any joint tenancy or joint liability\nor in any other way affects the interest or liability of the other\nperson.\n29 Compensation not payable\n(1) No compensation is payable by TIO or the Territory in consequence\nof anything done under this Act.\n(2) This section does not apply in relation to compensation payable\nunder a transaction document, to a party to the transaction\ndocument in consequence of non-compliance with that or any other\ntransaction document.\n(3) In this section:\ncompensation includes damages.\ntransaction document means an insurance sale agreement,\nbanking sale agreement, contract made under section 9 or any\nother agreement or contract entered into in the exercise of a power\nunder this Act in relation to the sale if the banking business or the\nsale of the insurance business (as the case requires).\n30 Territory fees\n(1) No Territory fees are payable in relation to anything done under this\nAct.\n(2) In this section:\nTerritory fee means any fee or charge payable under a law of the\nTerritory, but does not include stamp duty or any other tax.\n\nPart 5 Miscellaneous matters\nTerritory Insurance Office (Sale) Act 2014 21\nPart 5 Miscellaneous matters\n31 Lists to be available to interested persons\n(1) This section applies if:\n(a) a transfer order provides for things to be identified by\nreference to a list as mentioned in section 15(2)(b); and\n(b) a person requests a copy of all or part of the list from the\nMinister.\n(2) If the Minister is satisfied that the person has a proper interest in\nhaving access to the list, the Minister must give the person a copy\nof so much of the list as relates to the person's interest.\n(3) Without limiting subsection (2), if the transfer order affects an\ninstrument as mentioned in section 15(1)(c) or 16(2)(b), any person\nto whom the instrument applies has a proper interest in having\naccess to so much of the list as relates to the instrument.\n32 Certificate that thing done under Act\nA certificate signed by the Treasurer certifying that a specified thing\nis something that was done under this Act is, for all purposes and in\nall proceedings, evidence of the matters certified in it.\n33 Cessation of statutory guarantees\n(1) The guarantee provided by the Territory under section 30(1)(a) of\nthe TIO Act as in force immediately before the insurance sale date,\nceases on the insurance sale date.\n(2) The guarantee provided by the Territory under section 30(1)(b) of\nthe TIO Act or section 35 of the MACC Act ceases to apply:\n(a) in relation to each deposit that is included in the sale of the\nbanking business – on the banking sale date; and\n(b) in relation to each other deposit – on 31 March 2015.\n34 Procurement Act 1995 not to apply\nThe Procurement Act 1995 does not apply in relation to anything\ndone under this Act.\n\nPart 5 Miscellaneous matters\nTerritory Insurance Office (Sale) Act 2014 22\n35 Acquisition on just terms\nIf the operation of this Act would, apart from this section, result in\nan acquisition of property from a person otherwise than on just\nterms:\n(a) the person is entitled to receive from the Territory the\ncompensation necessary to ensure the acquisition is on just\nterms; and\n(b) a court of competent jurisdiction may decide the amount of\ncompensation or make the orders it considers necessary to\nensure the acquisition is on just terms.\n36 Regulations\nThe Administrator may make regulations under this Act.\n\nENDNOTES\nTerritory Insurance Office (Sale) Act 2014 23\nENDNOTES\n1 KEY\nKey to abbreviations\namd = amended od = order\napp = appendix om = omitted\nbl = by-law pt = Part\nch = Chapter r = regulation/rule\ncl = clause rem = remainder\ndiv = Division renum = renumbered\nexp = expires/expired rep = repealed\nf = forms s = section\nGaz = Gazette sch = Schedule\nhdg = heading sdiv = Subdivision\nins = inserted SL = Subordinate Legislation\nlt = long title sub = substituted\nnc = not commenced\n2 LIST OF LEGISLATION\nTerritory Insurance Office (Sale) Act 2014 (Act No. 41, 2014)\nAssent date 28 November 2014\nCommenced pt 6, divs 1 and 2: nc (exp without commencing);\npt 6, div 3: 00:01hrs 1 January 2015 (Gaz S131,\n19 December 2014, p 8); rem: 28 November 2014 (s 2)\n3 GENERAL AMENDMENTS\nGeneral amendments of a formal nature (which are not referred to in the table\nof amendments to this reprint) are made by the Interpretation Legislation\nAmendment Act 2018 (Act No. 22, 2018) to: ss 3, 20 and 34.\n4 LIST OF AMENDMENTS\npt 6 hdg exp No. 41, 2014, s 54\npt 6\ndiv 1 hdg exp No. 41, 2014, s 54\nss 37 – 44 exp No. 41, 2014, s 54\npt 6\ndiv 2 hdg exp No. 41, 2014, s 54\ns 45 exp No. 41, 2014, s 54\npt 6\ndiv 3\nsdiv 1 hdg exp No. 41, 2014, s 54\ns 46 exp No. 41, 2014, s 54\npt 6\ndiv 3\nsdiv 2 hdg exp No. 41, 2014, s 54\nss 47 – 52 exp No. 41, 2014, s 54\npt 6\ndiv 3\nsdiv 3 hdg exp No. 41, 2014, s 54\n\nENDNOTES\nTerritory Insurance Office (Sale) Act 2014 24\ns 53 exp No. 41, 2014, s 54\npt 6\ndiv 4 hdg exp No. 41, 2014, s 54\ns 54 exp No. 41, 2014, s 54\nsch 1 – 4 exp No. 41, 2014, s 54","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":false,"description":"This Act is narrowly drafted to achieve a specific objective: to enable and facilitate the sale of parts of the Territory Insurance Office's insurance and banking businesses and to manage the legal consequences of that sale. The powers and procedural devices (transfer orders, registration rules, protections from legal challenge, remedial/reversal powers, treatment of proceeds) are instrumental to that single purpose. While the Act contains broad delegatory and override powers, those are functional tools directed at the sale process rather than expansions into unrelated subject matter. Therefore the scope has not materially grown beyond its original, sale-focused purpose."},"complexity_factors":["Numerous cross-references to other Territory Acts (TIO Act, MACC Act, Procurement Act) and to external statutory registers (e.g. land title) (see ss3,9,20,34).","Broad discretionary powers for the Minister and Treasurer with few prescriptive limits (ss12,11).","Conditional and branching transfer mechanics: partial transfers, successor-in-law rules, included/excluded lists, and options to make instruments apply to purchaser instead of or as well as vendor (ss15–16).","Administrative and evidential procedures: registration by registrars and court officers, notice rules, and lists available to 'proper interest' parties (ss20–22,31).","Remedial and reversal mechanisms with different time limits and protections against disadvantaging third parties (ss24–25).","Multiple override rules and legal protections that change ordinary operation of instruments, preconditions and other laws (ss17–18,26–27), increasing interpretive complexity.","Defined terms section with many operationally important definitions (s3) governing scope of instruments, assets, liabilities, rights and proceedings.","Transitional provisions that convert pre-existing acts and documents to the purchaser's name or effect, creating substitution rules that require careful application (s23)."],"plain_english_summary":"**What this law does (mechanically)\n\n- Enables the Northern Territory Minister to sell all or part of the Territory Insurance Office's (TIO) insurance business and/or banking business by contract (an \"insurance sale agreement\" or \"banking sale agreement\") and to set the completion date by Gazette notice (see s8, s10, s11).  \n- Where needed to make the sale work, allows the Minister to make \"transfer orders\" that move specified assets, liabilities, contracts, rights, proceedings and other legal relationships from the vendor (TIO and/or the Territory) to the purchaser — including making the purchaser the legal \"successor in law\" for parts of the business (see ss14–17).  \n- Transfer orders operate automatically (without separate deeds, registrations or consents), prevail despite other laws, can modify instruments and proceedings, and may be reflected on statutory registers by registrars on request (see ss17, 18, 20–23).  \n- The Treasurer may direct that sale proceeds be used first to repay debts or meet other specified liabilities; proceeds otherwise belong to the Territory and are to be paid into the Central Holding Authority (see s11).  \n- The Act contains limited remedial and reversal procedures allowing correction of transfer errors or reversal where completion of the sale does not occur (time-limited and subject to purchaser agreement in some cases) (see ss24–25).  \n- The Act also: (a) protects actions done under the Act from being treated as breaches of law, contracts, instruments or civil wrongs (ss26–27); (b) prevents payment of Territory fees for things done under the Act (s30); (c) disapplies the Procurement Act 1995 to acts under this law (s34); and (d) ends certain Territory guarantees connected with TIO deposits or insurance on the sale dates (s33).\n\nWho it affects\n\n- The Territory (through the Minister and Treasurer) and TIO as vendor (s8, s10, s11).  \n- The purchaser(s) who buy parts of the insurance or banking business and who receive assets, liabilities, contracts, rights and possibly become successor in law (ss15–17).  \n- Customers, creditors, insureds, policyholders and other third parties whose contracts, claims, proceedings or rights relate to the transferred part of the business — their legal relationship may be taken to continue with the purchaser after the transfer (s23).  \n- Registrars, courts and tribunals who must, on request or as appropriate, record the effect of a transfer order and facilitate party changes in proceedings (ss20, 22).  \n- Persons with an interest in lists used to identify transferred items may apply for access if they have a \"proper interest\" (s31).\n\nWhy it matters (claimed purpose and how the law achieves it)\n\n- The Act’s stated purpose is to facilitate and make orderly the sale of parts of TIO’s business. It does this by giving the Minister powers to: (a) conclude sale agreements (ss8,10); (b) effect statutory transfers that automatically move rights, obligations and proceedings to the purchaser without individual consents, registrations or novations (ss14–17, 20–23); and (c) protect purchasers and the Territory from collateral legal consequences that might otherwise frustrate the sale (ss26–29).  \n\nTesting the claimed purpose against costs, incentives and implementation mechanics\n\n- Who pays: sale proceeds go to the Territory but the Treasurer can require deductions to repay debts or meet liabilities of TIO or the Territory, reimburse taxes/expenses or fund residual banking functions (s11). Purchasers pay the agreed consideration but also assume specified liabilities (ss8(2),10(2),15(1)(b)).  \n- Who decides: the Minister decides to sell and to make transfer orders (ss8,10,14); the purchaser must agree to any transfer order that affects it (s14(2)); the Treasurer decides deductions from proceeds (s11(2)). Registrars and courts have administrative duties to record or give effect to transfers on request (ss20,22).  \n- Effects on private choice and contracts: the Act can change who is party to a contract or proceeding, and can modify how instruments apply (ss15–16, 23). That reduces the need to renegotiate individual contracts, but it also limits parties’ ability to demand consent, early termination rights or other contractual remedies that would normally follow a change of counterparty (s27).  \n- Competition, ownership and price effects: the Act changes ownership and control of the relevant business lines (ss8,10,15–17). Those structural changes can affect market concentration, pricing and service provision depending on the purchaser and how many assets/liabilities are transferred; the Act itself does not impose competition safeguards.  \n- Compliance and administrative burden: registrars, courts and parties must process statutory consequences of transfers (ss20,22). The Minister and TIO are given broad powers and directions to prepare and effect transfers, which concentrates implementation discretion in government (s12).  \n- Risk of legal or transactional frictions: because transfer orders can override other laws and make preconditions (such as approvals or notices) taken to be satisfied (s18), there is reduced legal friction for the sale, but increased risk of cross-jurisdictional complications (s19) and post-transfer errors that require remedial orders (s24). Remedial and reversal powers are time-limited and constrained to avoid disadvantaging third parties (ss24(5)–(7),25(4)–(6)).  \n- Fiscal trade-offs and opportunity cost: proceeds flow to Territory coffers but may be immediately used to service existing liabilities or reimburse costs (s11). That reallocates public assets into immediate fiscal receipts while leaving residual functions and liabilities with the Territory or a reconstituted MAC Commission in line with the MACC Act (see s9 and note to s17).  \n- Protections and limits: the Act broadly protects purchasers and the Territory from claims that something done under the Act was illegal or breached instruments (ss26–27), while denying general compensation for acts under the Act (s29). However, the Act preserves the constitutional (just terms) protection: if the Act effects an acquisition otherwise than on just terms, compensation is payable and a court may decide the amount (s35).\n\nConcrete behavioural changes the Act causes\n\n- TIO and the Minister will prepare sale contracts and can require transfer orders to move portfolios without individual novations (ss8,10,14–16).  \n- Purchasers will assume identified assets and liabilities and may be treated as successor in law for transferred parts of the business (ss15–17). That changes where customers make claims and who enforces rights (s23).  \n- Registrars and court officers will be required (on request) to record transfers and to facilitate changes of parties in proceedings (ss20,22).  \n- Procurement rules do not apply to actions under this Act, reducing procurement compliance for the sale (s34), and Territory fees are waived for acts under the Act (s30).  \n\nKey sections to read for specifics: s8–11 (sales and proceeds), s12 (Minister/TIO powers), ss14–17 (transfer orders and successor rules), ss20–23 (registration, notice and transitional effects), ss24–25 (remedial and reversal orders), ss26–29 (legal protections), s33 (cessation of guarantees), s34 (Procurement Act non-application), s35 (just-terms compensation)."},"issue_detection":{"absurdities":[],"contradictions":[]},"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":false,"description":"The legislation appears consistent with its original intent as stated in the long title: 'An Act to facilitate the sale of part of the business of the Territory Insurance Office, and for related purposes'. While the Act contains detailed machinery provisions for transfers, remedies, and reversals, these are all directly ancillary to the core purpose of facilitating the sale. The Endnotes indicate that Part 6 (which contained extensive transitional and repeal provisions) expired without commencing, suggesting the Act actually contracted in scope rather than expanding beyond original intent."},"complexity_factors":["Extensive defined terms section (section 3) with 15+ specialised definitions including recursive definitions ('instrument', 'liability', 'right') and examples embedded within definitions","Complex conditional commencement provisions (section 2) with four separate triggers including contingent dates dependent on other events (banking sale date vs insurance sale date)","Nested cross-references throughout — section 15(1)(a) requires compliance with section 16, which contains 5 subsections with their own defined terms ('included', 'excluded')","Bilateral application mechanisms — Part 3 applies differently to insurance business vs banking business with parallel but distinct processes","Retrospective operation provisions with safeguards — sections 24(6)-(7) and 25(5)-(6) allow orders to operate retrospectively but contain protective limitations","Remedial and reversal mechanisms (sections 24-25) that invert the standard vendor/purchaser relationships and modify how other sections apply","Interaction with multiple other statutes — TIO Act, MACC Act, Procurement Act 1995, Land Title Act 2000, Motor Vehicles Act 1949, and constitutional 'just terms' requirements (section 35)","Transitional provisions (section 23) that deem historical actions by TIO to have been taken by the purchaser, with exceptions and context-dependent interpretations"],"plain_english_summary":"**What this law does:**\n\nThis Act allows the Northern Territory Government to sell the Territory Insurance Office (TIO) — a government-owned insurer and bank — to a private buyer. It creates a legal framework to transfer TIO's **insurance business**, **banking business**, and related assets and liabilities to a purchaser without needing individual consent from every customer or counterparty.\n\n**Who it affects:**\n\n*   **TIO customers** — people with TIO insurance policies or bank accounts automatically become customers of the new private owner when the sale completes\n*   **The purchaser** — the private company buying TIO's businesses\n*   **The Northern Territory Government** — receives the sale proceeds and manages the transition\n*   **The MAC Commission** — a new government body that continues to run the Motor Accidents Compensation scheme (the \"MAC business\") after TIO's other operations are sold\n\n**Key mechanisms:**\n\n*   **Transfer orders** — The Minister can make special orders that automatically move assets, liabilities, contracts, and even ongoing court cases from TIO to the buyer as if the buyer were legally the same entity as TIO\n*   **\"Successor in law\"** — The buyer can legally step into TIO's shoes for specified parts of the business, meaning existing contracts (like your home insurance policy) continue unchanged with the new owner\n*   **Clean break protections** — The law overrides other laws that might otherwise block the transfer, prevents contract termination clauses from being triggered by the sale, and stops people from claiming compensation simply because their insurer changed owners\n\n**Why it matters:**\n\nWithout this law, selling a financial institution would require tracking down thousands of customers to sign new contracts and re-registering every asset individually. This Act allows a seamless transition where your insurance policy or bank account continues exactly as before, just with a different company name on the letterhead. It also ensures the Territory's motor accident compensation scheme continues operating under government control while the commercial insurance and banking arms are privatised."}},"importantCases":[],"_links":{"self":"/api/acts/territory-insurance-office-sale-act-2014","history":"/api/acts/territory-insurance-office-sale-act-2014/history","analysis":"/api/acts/territory-insurance-office-sale-act-2014/analysis","conflicts":"/api/acts/territory-insurance-office-sale-act-2014/conflicts","importantCases":"/api/acts/territory-insurance-office-sale-act-2014/important-cases","documents":"/api/acts/territory-insurance-office-sale-act-2014/documents"}}