New South Wales Consolidated Acts

PORTS ASSETS (AUTHORISED TRANSACTIONS) ACT 2012 - SECT 4

4 Authorised transfer of ports assets

(1) This Act authorises the transfer of ports assets to the private sector or to any public sector agency, subject to the following limitations--

(a) Port Botany land, Port Kembla land, Port of Newcastle land and associated port land can be leased to the private sector but the ownership of the freehold title to that land must remain with a public sector agency,

(b) any lease of Port Botany land, Port Kembla land, Port of Newcastle land or associated port land must not have a term that, together with the term of any further lease that may be granted under an option in respect of it, exceeds 99 years,

(c) this Act does not authorise the transfer of retained assets to the private sector.

(2) No compensation is payable in connection with the transfer under this Act of ports assets to a public sector agency (but this does not prevent such a transfer being for consideration).