New South Wales Consolidated Acts

PORTS ASSETS (AUTHORISED TRANSACTIONS) ACT 2012 - SECT 9

9 Transaction companies

(1) The Treasurer may for the purposes of an authorised transaction establish, or direct the establishment of, companies as transaction companies in any of the following ways--

(a) the formation or acquisition by or on behalf of the State or a SOC of a company limited by shares, so that all the issued shares in the company are held by or on behalf of the State or a SOC (or both),

(b) the formation or acquisition of a company as a wholly owned subsidiary company of a transaction company,

(c) the conversion of a port SOC or transaction SOC into a company limited by shares as provided by Schedule 3.

(2) A transaction company that is a public sector agency may be converted from one kind of company to any other kind of company.

(3) Except by express agreement with the Treasurer--

(a) a transaction company is not and does not represent the State, and

(b) the debts, liabilities and obligations of a transaction company are not guaranteed by the State.

(4) The Treasurer may act for or on behalf of the State, a SOC or a transaction company that is a public sector agency in connection with the rights, privileges and benefits, and the duties, liabilities and obligations, of the State, a SOC or a transaction company as the holder of shares or other securities in or issued by a transaction company.

(5) Shares and other securities in or issued by a transaction company that is a public sector agency may be issued, sold or transferred in accordance with the directions of the Treasurer. The Treasurer may on behalf of the State, a SOC or a transaction company that is a public sector agency, enter into and carry out transaction arrangements for the issue, sale or transfer of shares and other securities in or issued by a transaction company.

(6) If a port SOC becomes a transaction company by being converted into a company under this section, a reference in this Act to the port SOC includes a reference to that transaction company.