Freight Rail Corporation (Sale) Act 2001
5Options for method of sale
Start here
Get a plain-English read of 5
Turn the raw legal text into a practical explanation grounded in Freight Rail Corporation (Sale) Act 2001.
5 Options for method of sale
5 Options for method of sale
(1) The business undertaking of FreightCorp may be sold to a purchaser in accordance with this Act in any of the following ways, as determined by the Treasurer:
(a) by sale of that business undertaking to the purchaser in accordance with Part 3,
(b) by conversion of FreightCorp to a company and sale of that company by transfer of the shares in the company to the purchaser, as provided by Part 4,
(c) by transfer of the business undertaking to a company and sale of that company by transfer of the shares in the company to the purchaser, as provided by Part 5.
(2) FreightCorp’s purchaser can only be:
(a) National Rail Corporation Limited, or
(b) a purchaser of the shares in National Rail Corporation Limited, or
(c) a related body corporate (within the meaning of the Corporations Law) of a purchaser of the shares in National Rail Corporation Limited.
(3) A reference in this Act to the sale of FreightCorp is a reference to the sale of the business undertaking of FreightCorp in accordance with this Act.