(1)  In this section –

specified means specified in a transfer notice.

(2)  The Minister, by notice published in the Gazette , may transfer to the Company such –

(a) rail infrastructure and related assets owned by the Crown; and

(b) liabilities of the Crown; and

(c) contracts to which the Crown is a party, other than contracts of employment –

as are specified in the notice.

(3)  The Minister, by notice published in the Gazette , may transfer to the Crown such –

(a) rail infrastructure and related assets owned by the Company; and

(b) liabilities of the Company; and

(c) contracts to which the Company is a party, other than contracts of employment –

as are specified in the notice.

(4)  A transfer notice under subsection (2) may be combined with a transfer notice under subsection (3) .

(5)  A transfer notice may –

(a) specify conditions including, without limitation –

(i) conditions relating to the transfer of the rail infrastructure and related assets, liabilities and contracts; and

(ii) conditions relating to the payment of consideration, if any is payable; and

(b) provide for any matter that is incidental to the transfer of the rail infrastructure and related assets, liabilities and contracts.

(6)  A transfer notice takes effect on the specified day or days, whether that day is before, on or after the day on which the transfer notice is published in the Gazette .

(7)  On the transfer day –

(a) the specified rail infrastructure and related assets vest in the transfer recipient, in accordance with the transfer notice, without the need for any further conveyance, transfer, assignment or assurance but subject to any conditions specified in the transfer notice; and

(b) the specified liabilities become the liabilities of the transfer recipient, in accordance with the transfer notice, without the need for any further conveyance, transfer, assignment or assurance but subject to any conditions specified in the transfer notice; and

(c) the transferor ceases to be a party to the specified contracts unless the transfer notice provides otherwise or except to the extent specified in the transfer notice.

(8)  On and after the transfer day –

(a) a specified contract is taken to have been made by the transfer recipient; and

(b) a reference to the transferor in a specified contract is taken to be or include, as appropriate, a reference to the transfer recipient.

(9)  Subsection (7)(c) and subsection (8) have effect despite any contrary provision in the specified contract.

(10)  The Minister may amend or revoke a transfer notice.

(11)  A transfer notice is not a statutory rule for the purposes of the Rules Publication Act 1953 .

(12)  State tax is not payable in respect of any document prepared to give effect to a transfer notice.