7Creation of debt due to State

7 Creation of debt due to State

7 Creation of debt due to State

(1) The purpose of this section is to maximise the amounts payable to the State in connection with the sale of Grain Holdings by providing for additional payments to the State otherwise than as part of the consideration for the transfer of shares in Grain Holdings.

(2) An agreement referred to in section 5 may provide for Grain Holdings or Grain Corporation, or both, to become liable to pay to the State of New South Wales either or both of the following:

(a) such amounts as are specified in the agreement, or

(b) such amounts as the Minister may determine by order in writing before the appointed day or within 6 months starting with the appointed day.

(3) The liability to pay the amounts arises on the appointed day, or, in the case of an amount determined after that day, on the day the determination takes effect.

(4) Any such amount is payable on such terms and at such time or times as are provided for in the agreement or as the Minister determines by order in writing and may be recovered by the Minister on behalf of the State as a debt in any court of competent jurisdiction.