Section 5 - Delivering Victorian Infrastructure (Port of Melbourne Lease Transaction) Act 2016 - Meaning of *transfer*

5Meaning of *transfer*

Start here

Get a plain-English read of 5

Turn the raw legal text into a practical explanation grounded in Delivering Victorian Infrastructure (Port of Melbourne Lease Transaction) Act 2016.

5 Meaning of *transfer*

(1) A transfer, in relation to port assets, includes the sale, lease or licensing of port assets, and the creation and transfer of any interest in port assets.

(2) To avoid doubt, for the purposes of subsection (1) each of the following is a creation and transfer of an interest in port assets—

(a) a declaration of trust relating to port assets the specification of which forms part of the declaration of trust or part of the transaction constituted by the declaration of trust;

(b) a surrender of an interest in port assets;

(3) In this section—

beneficial ownership includes, but is not limited to, ownership of assets by a person as trustee of a trust;

change in beneficial ownership includes, but is not limited to the following—

(a) the creation of an asset;

(b) the extinguishment of an asset;

(d) an asset becoming the subject of a trust;

(e) an asset ceasing to be the subject of a trust;

declaration of trust means any declaration (other than by a will or testamentary instrument) that any identified asset vested or to be vested in the person making the declaration is or is to be held in trust for the person or persons, or the purpose or purposes, mentioned in the declaration although the beneficial owner of the asset, or the person entitled to appoint the asset, may not have joined in or assented to the declaration.