Queensland Numbered Acts

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QUEEN'S WHARF BRISBANE ACT 2016 - SECT 15

Ceasing to be a party to casino agreement

15 Ceasing to be a party to casino agreement

(1) This section applies if—
(a) a consortium party (the
"ceasing party" ) stops being, or proposes to stop being—
(i) a holding entity of a relevant entity; or
(ii) a trustee of a trust that is a relevant entity; and
(b) the Minister and each other consortium party consents in writing to the ceasing party no longer being a party to the casino agreement.
(2) Also, this section applies in relation to a consortium party (also the
"ceasing party" ) in any other circumstances decided by the Minister, if each other consortium party consents in writing to the ceasing party no longer being a party to the casino agreement.
(3) The ceasing party may sign a deed in the approved form (a
"deed of cessation" ) under which the ceasing party stops being, subject to the terms and conditions stated in the deed, each of the following—
(a) a party to the casino agreement;
(b) a consortium party;
(c) a relevant entity;
(d) if applicable, an ultimate parent under the casino agreement.
(4) Despite subsection (3)(c), the ceasing party does not stop being a relevant entity if, on or after the signing of the deed of cessation, the party is declared to be a relevant entity by the Minister under section 17(1)(c).
(5) The deed of cessation is of no effect unless—
(a) the ceasing party gives a copy of the signed deed to the Minister and each other consortium party; and
(b) the signed deed has been published in the gazette.
(6) If the requirements mentioned in subsection (5)(a) and (b) are satisfied, the deed of cessation takes effect when it becomes unconditional.
(7) This section does not limit the operation of chapter 4, part 2.



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