98Transfer of property other than Crown land

98 Transfer of property other than Crown land

(1)  In this section –

transfer day means the day specified in an order made under subsection (2) on which any property, right, liability or obligation vests in or is transferred to a Government Business Enterprise or subsidiary;

transferred property means any property, right, liability or obligation specified in an order made under subsection (2) and vested in or transferred to a Government Business Enterprise or subsidiary.

(2)  [Section 98 Subsection (2) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] Within 2 years after the conversion day and with the agreement of the Portfolio Minister, Treasurer and Government Business Enterprise or subsidiary, a Minister to whom a Government department that is responsible for the property, rights, liabilities and obligations of the Crown is responsible may, by order–

(a) transfer any of that property (other than Crown land) or those rights, liabilities and obligations to the Government Business Enterprise or subsidiary; and

(b) provide for any matter that is incidental to that transfer.

(3)  A transfer referred to in subsection (2) may be made for valuable consideration or otherwise.

(4)  On the day specified in an order made under subsection (2) –

(a) the property (other than Crown land) and rights specified in, and transferred by, the order vest in the Government Business Enterprise or subsidiary; and

(b) the liabilities and obligations specified in, and transferred by, the order become the liabilities and obligations of the Government Business Enterprise or subsidiary.

(5)  Except as otherwise provided in an order made under subsection (2) , on and after the transfer day –

(a) any legal proceedings pending immediately before the transfer day and which were instituted by or against the Crown or a statutory authority in respect of the transferred property may be continued by or against the Government Business Enterprise or subsidiary; and