40Minister may direct transfer of PTC property to rail corporation or person

40 Minister may direct transfer of PTC property to rail corporation or person

S. 40(1) amended by No. 104/1997 s. 14(2).

(1) The Minister may give a direction in writing to the PTC directing it to transfer, in accordance with the direction, property, rights and liabilities of a specified kind to a rail corporation or another person or other persons nominated by the Minister.

(2) A direction under subsection (1) may include directions as to the method of valuation to be used by the PTC for the purposes of determining the value of property, rights and liabilities to be transferred.

(3) Within 45 days after receiving a direction under subsection (1), the PTC must give to the Minister a statement containing the information required by the Minister relating to the property, rights and liabilities of the PTC to which the direction relates, as at the date specified by the Minister for the purposes of this section.

(4) A statement under this section—

S. 40(4)(a) amended by No. 104/1997 s. 14(3).

(a) must give the value of the property, rights and liabilities of the PTC to be transferred; and

(b) must allocate the property, rights and liabilities of the PTC shown in the statement in accordance with the directions of the Minister; and

S. 40(4)(c) amended by No. 47/1998 s. 14(1).

(c) must be signed by the Administrator of the PTC.

(5) If a statement under this section is approved by the Minister—

S. 40(5)(b) amended by No. 104/1997 s. 16(4).

(6) The Minister may at any time direct the PTC to amend a statement given to him or her under this section as specified in the direction.

(7) An allocation statement under this section may be amended by writing signed by the Minister.

(8) An amendment under subsection (7) to an allocation statement made after the relevant date in relation to that statement may be made with effect from that relevant date if the Minister is satisfied that the amendment does not adversely affect any property, rights or liabilities of a person other than the transferor or the transferee in relation to that statement.

(9) In this section, statement and allocation statement include a statement or allocation statement amended in accordance with this section.