4Authorisation for asset transfer, concession and re-vesting

4 Authorisation for asset transfer, concession and re-vesting

4 Authorisation for asset transfer, concession and re-vesting

(1) This Act authorises the following (collectively referred to in this Act as the authorised transaction)—

(a) the transfer, by the Treasurer, of titling and registry assets of a public sector agency to the private sector or any public sector agency (referred to in this Act as an authorised asset transfer),

(b) arrangements, established by the portfolio Minister with the approval of the Treasurer, to authorise and otherwise facilitate the provision of titling and registry services by a private sector entity (or a related entity of a private sector entity) to which titling and registry assets are transferred under this Act (referred to in this Act as the authorised concession),

(c) the transfer, by the portfolio Minister, of titling and registry assets of the authorised operator to a private sector entity or public sector agency on termination of the authorised concession and as provided by the authorised concession arrangements (referred to in this Act as re-vesting on termination).

(2) The authorised concession is limited to a term of 35 years and cannot be renewed or extended beyond that term.

Note—

Section 18 (Further authorised concession on termination of authorised concession) provides for the establishment of a new authorised concession with a term of up to 35 years if the original authorised concession is terminated before its term expires.

(3) Re-vesting on termination comprising the transfer of titling and registry assets of the authorised operator to a private sector entity (but not to a public sector agency) requires the approval of the Treasurer.