Commonwealth Numbered Acts

NATIONAL RAIL CORPORATION AGREEMENT ACT 1992 No. 26, 1992 - SECT 9

9.(1) The Minister may direct in writing that specified Commonwealth rail
freight assets are vested in the Company.

(2) A direction may only be made with the Company's written approval.

(3) The consideration for a vesting is:

   (a)  the issue to the Commonwealth of shares in the Company in accordance
        with the Agreement; or

   (b)  such consideration as the direction specifies (which may include
        consideration of the kind referred to in paragraph (a)).

(4) Where a direction comes into operation, the following provisions apply,
except as provided in the direction:

   (a)  the specified Commonwealth rail freight assets vest in the Company
        because of this section and without the need for a conveyance,
        transfer, assignment or other assurance;

   (b)  the Commonwealth's rights and liabilities relating to the assets
        become rights and liabilities of the Company because of this section;

   (c)  all proceedings by or against the Commonwealth that relate to the
        assets and are pending immediately before the vesting are taken to be
        proceedings pending by or against the Company;

   (d)  anything done, or not done, in relation to the assets, before the
        vesting, by, to or in relation to the Commonwealth is (so far as it
        has any effect) taken to have been done, or not done, by, to or in
        relation to the Company, as the case may be.

(5) A reference in subsection (4) to the Commonwealth is, in so far as assets
of the Australian National Railways Commission, or of any other authority of
the Commonwealth, vest in the Company, a reference to that Commission or
authority.

(6) This section does not limit the use of any other method to transfer
Commonwealth rail freight assets to the Company.