Rail Management Act 1996
42Property transferred in accordance with direction
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42 Property transferred in accordance with direction
On the relevant date—
S. 42(a) amended by No. 104/1997 s. 14(5).
(a) all property and rights of the PTC, wherever located, that are allocated under an allocation statement in accordance with a direction of the Minister under section 40, vest in a rail corporation or other person or persons in accordance with the statement;
S. 42(b) amended by No. 104/1997 s. 14(5).
(b) all liabilities of the PTC, wherever located, that are allocated under an allocation statement in accordance with a direction of the Minister under section 40, become liabilities of a rail corporation or other person or persons in accordance with the statement;
(c) all property and rights of a rail corporation, wherever located, that are allocated under an allocation statement in accordance with a direction of the Minister under section 41, vest in a person or persons in accordance with the statement;
(d) all liabilities of a rail corporation, wherever located, that are allocated under an allocation statement in accordance with a direction of the Minister under section 41, become liabilities of a person or persons in accordance with the statement.
S. 43 amended by No. 104/1997 s. 16(4).