South Australian Current Acts

SOUTH AUSTRALIAN PORTS (DISPOSAL OF MARITIME ASSETS) ACT 2000 - SECT 15

15—Dissolution of the Corporation

        (1)         At any time after the transfer of assets from the Corporation commences, the Minister may, by notice in the Gazette, assume control of the Corporation.

        (2)         On the date of the Minister's assumption of control, the board of directors of the Corporation is dissolved and the Corporation's powers are vested in the Minister.

        (3)         After the Minister assumes control of the Corporation under this section, its functions are—

            (a)         to administer efficiently and for the benefit of the State any assets for so long as they remain vested in the Corporation; and

            (b)         to facilitate the disposal of assets under this Act; and

            (c)         such of its former functions as, in the Minister's opinion, can be conveniently carried out by the Corporation.

        (4)         The Governor may, by proclamation, dissolve the Corporation.

        (5)         On the dissolution of the Corporation, any remaining assets and liabilities of the Corporation vest in the State.