5Negotiations and agreements for sale of business undertaking of Sydney Market Authority

5 Negotiations and agreements for sale of business undertaking of Sydney Market Authority

5 Negotiations and agreements for sale of business undertaking of Sydney Market Authority

(1) Negotiations may be conducted for the sale of the business undertaking of the Sydney Market Authority in accordance with this Part.

(2) The Minister is authorised to enter into agreements for the sale of the business undertaking of the Sydney Market Authority to the approved purchaser and, for that purpose, the Minister may act for and on behalf of the Sydney Market Authority.

(3) The Minister may, by order in writing, direct that the assets, rights and liabilities of any part of the business undertaking of the Sydney Market Authority be transferred to the approved purchaser for the purpose of the sale of that undertaking in accordance with this Part.

(4) Any negotiations or agreements may be conducted or entered into for the purposes of this section before, on or after the sale date.

(5) However, any sale of the business undertaking of the Sydney Market Authority to the approved purchaser may not take effect before the sale date.

(6) Any negotiations or agreements conducted or entered into before the commencement of this section for the purposes of the sale of the business undertaking of the Sydney Market Authority, including those conducted or entered into before the date of assent to this Act, are validated to the extent of any invalidity.

(7) For the purposes of this section, the business undertaking of the Sydney Market Authority does not include assets, rights or liabilities excluded from sale under section 8.