39Valuation and acquisition of certain bus service assets

#### 39 Valuation and acquisition of certain bus service assets 39 Valuation and acquisition of certain bus service assets > > (1) In this clause— > > > > bus service asset of an existing service provider means any legal or equitable estate or interest (whether present or future and whether vested or contingent) in real or personal property of any description used in connection with the provision of a regular bus service in the existing service area, but does not include any goodwill. > > > > existing service area of an existing service provider means the region or route of operation (or part of the region or route) for which the provider is to cease to provide a regular bus service. > > > > existing service provider means the holder of an existing commercial bus service contract or existing non-commercial bus service contract or an interim contract who is not to be awarded a new service contract under the provisions of Division 3 of Part 3 (as inserted by the amending Act) to provide a regular bus service for the region or route of operation (or part of the region or route) for which the holder is currently providing a regular bus service under the existing contract. > > > > interim contract means a bus service contract for the provision of temporary services in place of a regular bus service discontinued because of the expiry of the term or termination or variation of an existing commercial bus service contract or an existing non-commercial bus service contract. > > > > modification includes addition, exception, omission or substitution. > > > > proposed new service provider means a person to whom the Director-General proposes to award a new service contract under the provisions of Division 3 of Part 3 (as inserted by the amending Act) to provide a regular bus service in the existing service area of an existing service provider. > > > (2) An existing service provider who wishes to sell or otherwise dispose of any bus service asset to a proposed new service provider who has refused to acquire it (whether at a particular price or at any price) may apply to the Director-General for the Director-General to make it a condition of the service contract of the proposed new service provider that the provider acquire the asset. > > > (3) On any such application, the Director-General may— > > > > > (a) reject the application, or > > > > > (b) refer the question of the valuation of the bus service assets in question to arbitration under this clause. > > > (4) The [Commercial Arbitration Act 1984](/view/html/repealed/current/act-1984-160) applies to any such arbitration subject to this clause and with such modifications as may be prescribed by the regulations. > > > (5) Without limiting subclause (4), the regulations may make provision for or with respect to any of the following matters— > > > > > (a) the persons who are qualified to be appointed as arbitrators and the nomination of such arbitrators, > > > > > (b) the matters that may be considered, or not considered, in making a valuation of bus service assets in an arbitration under this clause. > > > (6) Following any such arbitration, the Director-General may (but need not) require the proposed new service provider to acquire any bus service asset that was the subject of the arbitration at the value determined in the arbitration as a condition of any service contract entered into to provide a regular bus service in the existing service area. > > > (7) An application may be made under this clause if the contract held by the existing service provider is terminated or expires, but may not be made later than 60 days after the termination or expiration of the contract. > > > (8) An application may be made under this clause even if step-in arrangements are implemented under this Part in relation to the regular bus services provided by the existing service provider.