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QUEEN'S WHARF BRISBANE ACT 2016 - SECT 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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