2An option under clause 1 must provide as follows:

2 An option under clause 1 must provide as follows: (a) if the private sector body proposes to sell or otherwise dispose of the property, the body will first give the Minister at least three months notice, in writing, of its proposal; (b) the Minister will then have that three month period to decide whether or not to exercise the option; (c) if the Minister decides to exercise the option, the value of the property will be taken to be the market value of the property assuming that the property will be used for passenger transport purposes; (d) if the Minister decides not to exercise the option, the body may proceed to sell or otherwise dispose of the property on the open market, (and an option may include such other matters as the parties think fit). 3 However, clause 1 does not apply if the Minister has, by notice in the Gazette, declared that, in the Minister's opinion, the property is no longer reasonably required for passenger transport purposes (whether within the public sector or the private sector). 3A If it is proposed to transfer or assign to a private sector body or private sector bodies all or a major part of the rights of TransAdelaide under its service contracts with the Minister under this Act (when all of TransAdelaide's service contracts are considered together), then the Minister must, at least two months before the proposed transfer or assignment, provide a written report on the matter to the Economic and Finance Committee of the Parliament. 3B For the purposes of clause 3A, TransAdelaide will be taken to transfer or assign a major part of its rights under its service contracts if the effect of the relevant transaction or transactions would be to divest TransAdelaide of 50 per cent or more of the total revenue payable to TransAdelaide by the Minister under all of TransAdelaide's service contracts.