South Australian Current Acts

SOUTH AUSTRALIAN PORTS (DISPOSAL OF MARITIME ASSETS) ACT 2000 - SECT 7

7—Disposal of maritime assets and liabilities

        (1)         The Minister may by agreement (a "sale/lease agreement") with another (the "purchaser") do one or more of the following:

            (a)         transfer to the purchaser maritime assets or liabilities (or both);

            (b)         grant to the purchaser a lease, easement or other rights in respect of maritime assets;

            (c)         transfer to the purchaser shares in a State-owned company.

        (2)         A sale/lease agreement—

            (a)         creates or transfers title to, or an interest in or in relation to, an asset to which the agreement relates in accordance with its terms; and

            (b)         discharges an asset to which the agreement relates from any trust or other interest in favour of the Crown (except to the extent that any such interest may be expressly preserved under the terms of the agreement); and

            (c)         creates or transfers liabilities in accordance with its terms.

        (3)         Without limiting subsection (2)(c), a sale/lease agreement may impose on the purchaser a liability to indemnify the Corporation or the Crown against specified liabilities or liabilities of a specified class.

        (4)         The creation or transfer of title to, or an interest in or in relation to, an asset under this section, and the creation or transfer of a liability under this section, operate by force of this Act and despite the provisions of any other law or instrument.