27Transfer of rail infrastructure and related assets, &c., to or from Company

27 Transfer of rail infrastructure and related assets, &c., to or from Company

(1)  In this section –

specified means specified in a transfer notice.

(2)  The Minister, by notice published in the Gazette, may transfer to the Company such –

(a) rail infrastructure and related assets owned by the Crown; and

(b) liabilities of the Crown; and

(c) contracts to which the Crown is a party, other than contracts of employment –

as are specified in the notice.

(3)  The Minister, by notice published in the Gazette, may transfer to the Crown such –

(a) rail infrastructure and related assets owned by the Company; and

(b) liabilities of the Company; and

(c) contracts to which the Company is a party, other than contracts of employment –

as are specified in the notice.

(4)  A transfer notice under subsection (2) may be combined with a transfer notice under subsection (3) .

(5)  A transfer notice may –

(a) specify conditions including, without limitation –

(i) conditions relating to the transfer of the rail infrastructure and related assets, liabilities and contracts; and

(ii) conditions relating to the payment of consideration, if any is payable; and

(b) provide for any matter that is incidental to the transfer of the rail infrastructure and related assets, liabilities and contracts.

(6)  A transfer notice takes effect on the specified day or days, whether that day is before, on or after the day on which the transfer notice is published in the Gazette.

(7)  On the transfer day –