55CPublic subsidiary corporations

#### 55C Public subsidiary corporations 55C Public subsidiary corporations > > (1) In this section— > > > > public subsidiary corporation means a corporation constituted in accordance with this section for the purposes of a transport authority. > > > (2) The regulations may constitute a corporation for the purposes of this section with the corporate name specified in the regulations. > > > (3) A public subsidiary corporation— > > > > > (a) has such of the functions of the transport authority in respect of which it is constituted as are specified in the regulations or delegated to it under this Act, and > > > > > (b) is, for the purposes of any Act, a NSW Government agency. > > > (4) The provisions of or made under this Act or any other Act relating to a transport authority apply to and in respect of a public subsidiary corporation constituted for the purposes of that authority in such manner and to such extent as are prescribed by the regulations. > > > (5) With the approval of the Minister— > > > > > (a) a transport authority may transfer any of its assets, rights or liabilities to a public subsidiary corporation of the authority, and > > > > > (b) a public subsidiary corporation of a transport authority may transfer any of its assets, rights or liabilities to the transport authority or to another public subsidiary corporation of the authority. > > > (6) The regulations may make provision for or with respect to the vesting of those assets, rights and liabilities in the transferee without any transfer, conveyance or assignment. > > > (7) A public subsidiary corporation is dissolved by the repeal of the regulations by which it is constituted (unless continued in existence by the regulations), and on any such dissolution the assets, rights and liabilities of the corporation become the assets, rights and liabilities of the transport authority in respect of which the corporation was constituted. > > **s 55C:** Ins 2008 No 115, Sch 1 \[7\]. Rep 2010 No 31, Sch 4.1 \[4\]. Ins 2010 No 31, Sch 1.1 \[21\].