45Certificate of Administrator or CEO

45 Certificate of Administrator or CEO

S. 45(1) amended by No. 47/1998 s. 14(2).

(1) A certificate signed by the Administrator of the PTC or the chief executive officer of a rail corporation that is a transferor certifying that property, rights or liabilities of the transferor specified in the certificate have been allocated under an allocation statement in accordance with section 40 or 41 (as the case may be) is, unless revoked under subsection (2), conclusive evidence—

(a) that the property, rights or liabilities have been so allocated; and

(b) that the property, rights or liabilities vested in, or become the property, rights or liabilities of, the transferee on the relevant date.

S. 45(2) amended by No. 47/1998 s. 14(3).

(2) If the Minister so directs the Administrator or chief executive officer in writing, the Administrator or chief executive officer must revoke a certificate given under subsection (1) by issuing another certificate in place of the first certificate.

S. 45(3) amended by No. 47/1998 s. 14(3).

(3) The Administrator or chief executive officer of a transferor—

(a) must keep a register of certificates issued under this section; and

(b) must make the register reasonably available for inspection by a transferee or other interested person.

S. 46
substituted by No. 45/1999 s. 10.