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PORTS ASSETS (AUTHORISED TRANSACTIONS) ACT 2012 - SECT 5
Proceeds of transaction
5 Proceeds of transaction
(1) The proceeds of the transfer of ports assets to the private sector
pursuant to an authorised transaction (
"the transaction proceeds" ) belong to and are payable directly to the State.
(2) The transaction proceeds include any payment to a public sector agency
that is a periodic lease payment under a lease of ports assets to the private
sector pursuant to an authorised transaction.
(3) The transaction proceeds
paid to the State are to be paid into the Restart NSW Fund (
"the Fund" ) established under the Restart NSW Fund Act 2011 .
(4) The
following deductions are authorised to be made from the transaction proceeds--
(a) deduction of such amounts as the Treasurer approves to repay debt and
satisfy other liabilities of a public sector agency in respect of ports assets
transferred for the purposes of an authorised transaction,
(b) deduction of
such amounts as the Treasurer approves to reimburse public sector agencies for
payments made by them in respect of any tax, duty, fee or charge imposed by
any Act or law of the State or any other jurisdiction in connection with a
transaction arrangement,
(c) deduction of such amounts as the Treasurer
approves to satisfy any liability of a public sector agency arising under or
in connection with a transaction arrangement,
(d) deduction of such amounts
as the Treasurer approves to meet expenses reasonably incurred by public
sector agencies for the purposes of an authorised transaction.
(5) The
transaction proceeds do not include any amount certified by the Treasurer to
have been paid to a public sector agency as a tax, duty, fee or charge imposed
by any Act or law of the State in connection with a transaction arrangement.
(6) The deductions authorised to be made from the transaction proceeds may be
made before payment of the transaction proceeds into the Fund or may be made
by payment from the Fund.
(7) The requirements of this section do not affect
the validity of a transaction arrangement.
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