25Transfer of assets and liabilities to Crown

25 Transfer of assets and liabilities to Crown

(1)  In this section –

State tax means any of the following if imposed by any Act or law of Tasmania:

(a) a fee, including an application fee and registration fee;

(b) a tax, including a duty;

(c) a charge.

(2)  The Minister, by one or more notices published in the Gazette on or before the transfer day, may –

(a) transfer an asset or a liability of a port company to the Crown (whether or not that transfer is for a consideration); and

(b) specify conditions relating to that transfer; and

(c) provide for any matter that is incidental to that transfer.

(3)  Consideration for a transfer under subsection (2) of an asset or liability may be by assumption of liabilities or otherwise.

(4)  If the Corporation is of the opinion that the transfer of a particular asset or liability of a port company to the Crown by a notice under subsection (2) would result in the Corporation becoming insolvent, within the meaning of the Corporations Act, on the transfer day, the Corporation is to advise the Minister of that opinion.

(5)  The Minister is to table a copy of the advice under subsection (4) in each House of Parliament within 5 sitting-days after receiving it.

(6)  On the transfer day –

(a) a notice under subsection (2) takes effect; and

(b) the assets specified in a notice under subsection (2) vest in the Crown subject to any relevant conditions specified in the notice; and

(c) any liability specified in a notice under subsection (2) becomes a liability of the Crown subject to any relevant conditions specified in the notice.