What it does
The Infrastructure Investment (Asset Restructuring and Disposal) Act 2009 is Queensland legislation whose main purpose, as stated in section 2, is to facilitate the restructure and disposal of particular businesses, assets and liabilities of government entities. It operates by conferring on the responsible Minister a suite of extraordinary powers that override ordinary legal and contractual constraints. Section 8 empowers the Minister to examine any business, asset or liability of a declared entity or the State, decide the most appropriate way to restructure or dispose of it, and do anything else necessary or incidental to facilitate the disposal or continuing operation of a declared entity. The central mechanism is the transfer notice under section 9, a gazette notice by which the Minister may transfer shares, businesses, assets or liabilities between declared entities and the State; grant, vary or extinguish leases and easements; make provision for legal proceedings to be continued by or against a successor entity; and address any incidental, consequential or supplemental matter the Minister considers necessary or convenient. Section 11 allows the Minister to give a project direction to a declared entity or its board, requiring it to do something necessary or convenient for carrying out a declared project - including forming or winding up a company, making a decision about disposal, returning proceeds to the State, or disclosing information. Section 11A provides for a GOC declaration by gazette notice, which can revoke the status of Queensland Rail or Port of Brisbane Corporation as a government owned corporation or port authority, with effect despite any other law or instrument. The Act applies both within and outside Queensland (section 3) and sets a sunset on the Minister’s functions: section 18 provides that the Minister may not perform a function under the Act on or after 1 July 2014. This sunset means that, after that date, no new transfer notices, project directions, declarations, or associated activities can be undertaken under this Act, though existing instruments and transactions continue to have effect.