New South Wales Consolidated Acts

PORTS ASSETS (AUTHORISED TRANSACTIONS) ACT 2012 - SECT 31

31 Leases of ports assets

(1) The provisions of a ports assets lease (or of any agreement or arrangement entered into in connection with such a lease) dealing with the following matters have effect according to their terms despite any law or rule to the contrary--

(a) the payment of any amount by way of premium under the lease and the retention of any such amount by the lessor or the State,

(b) the circumstances or conditions under which the lease may be terminated by the lessor or lessee,

(c) the application or operation of section 122, 130 or 133B of the Conveyancing Act 1919 to or in respect of the lease (or any lease under the lease),

(d) the application of a security provided in relation to the lease,

(e) the payment of a sum that is in the nature of a penalty,

(f) the ownership of, or the vesting or forfeiture of ownership of, any real or personal property on termination of the lease or on the occurrence of some other specified event or other thing,

(g) the pre-payment of amounts payable by way of rent under the lease and the retention of any such amounts by the lessor or the State,

(h) the continuance of the lease despite the occurrence of unintended or unforeseen circumstances,

(i) the continuance of the obligation to pay rent despite the occurrence of unintended or unforeseen circumstances,

(j) the amount payable in consequence of a breach or early termination of the lease,

(k) the liability of the lessor or lessee in relation to the leased assets,

(l) the non-refundability of any payment made on account of rent, premium, option fee, outgoings, security deposit or otherwise,

(m) the operation of any set-off.

(2) A ports assets lease may include provision for the removal by the lessee of any fixture severable from the land leased.

(3) A scheme of arrangement, receivership, winding up or other external administration of a company is to be carried out in a manner that gives effect to the provisions of a lease or agreement referred to in subsection (1).

(4) A variation of lease that operates to vary the land to which a lease relates can be registered under the Real Property Act 1900 (despite section 55A (4) of that Act) if the Treasurer certifies that--

(a) the lease is a ports assets lease, and

(b) the variation is for the purpose of including, as land to which that lease relates, land that is the subject of a lease of ports assets entered into after completion of an authorised transaction pursuant to an agreement for lease entered into before completion of the authorised transaction.

(5) In this section--

"ports assets" includes assets that were ports assets before their transfer to the private sector for the purposes of an authorised transaction.

"ports assets lease" means--

(a) a lease of ports assets entered into for the purposes of an authorised transaction, or

(b) a lease of ports assets that the Treasurer designates by order in writing as a ports assets lease for the purposes of this section.