9Minister may vest Commonwealth rail freight assets in Company

9 Minister may vest Commonwealth rail freight assets in Company

(1) The Minister may direct in writing that specified Commonwealth rail freight assets are vested in the Company. (2) A direction may only be made with the Company’s written approval. (3) The consideration for a vesting is: (a) the issue to the Commonwealth of shares in the Company in accordance with the Agreement; or (b) such consideration as the direction specifies (which may include consideration of the kind referred to in paragraph (a)). (4) Where a direction comes into operation, the following provisions apply, except as provided in the direction: (a) the specified Commonwealth rail freight assets vest in the Company because of this section and without the need for a conveyance, transfer, assignment or other assurance; (b) the Commonwealth’s rights and liabilities relating to the assets become rights and liabilities of the Company because of this section; (c) all proceedings by or against the Commonwealth that relate to the assets and are pending immediately before the vesting are taken to be proceedings pending by or against the Company; (d) anything done, or not done, in relation to the assets, before the vesting, by, to or in relation to the Commonwealth is (so far as it has any effect) taken to have been done, or not done, by, to or in relation to the Company, as the case may be. (5) A reference in subsection (4) to the Commonwealth is, in so far as assets of or any authority of the Commonwealth, vest in the Company, a reference to that authority. (6) This section does not limit the use of any other method to transfer Commonwealth rail freight assets to the Company.