18Transfer of remaining business to Crown

18 Transfer of remaining business to Crown

(1)  In this section –

transfer day means the day specified in an order under subsection (2) as the day on which the transfer of the business of TOTE Tasmania, or of a TOTE subsidiary, to which the notice relates takes effect;

transferring business means the business of TOTE Tasmania or of a TOTE subsidiary that is the subject of an order under subsection (2) .

(2)  If the Treasurer sells only a part of the business of TOTE Tasmania or of a TOTE subsidiary under section 5 and a further part of that business remains unsold, the Treasurer, by order published in the Gazette, may –

(a) transfer to the Crown the whole or any part of the remaining business of TOTE Tasmania or of the TOTE subsidiary; and

(b) specify the day on which that transfer takes effect; and

(c) specify conditions relating to that transfer; and

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

(3)  An order under subsection (2) may be made in anticipation of the sale of the business of TOTE Tasmania or of a TOTE subsidiary.

(4)  On the transfer day –

(a) any business, other than a liability, of TOTE Tasmania or of the TOTE subsidiary that is specified in, and transferred by, the order vests in the Crown; and

(b) any business of TOTE Tasmania or of the TOTE subsidiary that is a liability and is specified in, and transferred by, the order becomes the liability of the Crown.

(5)  Except as otherwise provided in an order under subsection (2) , on and after the transfer day the following provisions apply:

(a) a reference in an existing document to TOTE Tasmania or the TOTE subsidiary, or the board of directors of TOTE Tasmania or the TOTE subsidiary, in relation to the transferring business is taken, where appropriate, to be or to include a reference to the Crown;