Western Australian Current Acts Western Australian Current Acts (1) The Authority may
agree to acquire property from the WADC if it is of the opinion that such
property is suitable for its functions in respect of residential land.
(2) The price of such
property shall be the sum agreed by the Authority and WADC as being the market
value of the property and being —
(a) in
the case of land, not greater than an amount certified by a licensed valuer as
being the value of the land, less the agreed value of any liabilities relating
to the land; and
(b) in
the case of any other property not greater than the depreciated value of the
property as carried in the accounts of the WADC.
(3) If the liabilities
relating to any land agreed to be acquired under subsection (1) exceed the
value of the land, the WADC is liable to the Authority for the amount of the
difference.
(4) Any amount owing
by the Authority to the WADC by operation of this section is payable by the
Authority on demand by the WADC; but the WADC is not to make such demand
unless the Minister consents to its doing so.
(5) If at the time
when all WADC assets have been converted into money there is any debt owing by
the Authority to the WADC by operation of this section, the Minister to whom
the administration of the Western Australian Development Corporation Act 1983
4 is committed by the Governor may by instrument cancel that debt.
(6) The Ministers
shall by order published in the Gazette allocate to the Authority the property
agreed to be acquired under subsection (1) and, in the case of land, the
liabilities of the WADC relating to that land; and shall include in the order
a sufficient description to enable the property and liabilities to be
identified.
(7) On the publication
of an order under subsection (6) —
(a) the
property to which the order relates vests in the Authority together with all
claims, rights and remedies that the WADC had in respect of the property; and
(b) the
Authority becomes liable to pay, bear or discharge all the liabilities that
are allocated under the order; and
(c) the
Authority is to take delivery of all registers, papers, documents, minutes,
receipts, books of account and other records (however compiled, recorded or
stored) relating to the operations of the WADC so far as the records relate to
property or liabilities allocated to the Authority under the order.
(8) The transfer of
any liability of the WADC under this section to the Authority does not affect
any guarantee under section 21 of the Western Australian Development
Corporation Act 1983 4 in force immediately before the transfer and subsection
(2) of section 21 of that Act is to be taken to continue to apply after that
transfer and notwithstanding that that subsection may be repealed.
(9) Any agreement or
instrument subsisting immediately before the publication of an order under
this section to which the WADC was a party or which contains a reference to
the WADC or a trading name used by the WADC has effect after that publication
as if —
(a) the
Authority were substituted for the WADC as a party to the agreement or
instrument; and
(b) any
reference in the agreement or instrument to the WADC were (unless the context
otherwise requires) a reference to the Authority,
but in this subsection
WADC means the WADC only in relation to agreements or instruments in respect
of any property or liability allocated to the Authority under this section.
(10) Any legal or
other proceedings or any remedies that might, but for this section, have been
commenced, continued, discontinued or available by or against or to the WADC
in relation to any property or liability allocated to the Authority under this
section, may be commenced, continued, discontinued, and shall be available, by
or against or to the Authority.
(11) In this section
—
Ministers means the Ministers to whom the
administration of this Act and the Western Australian Development Corporation
Act 1983 4 are respectively committed by the Governor, acting jointly;
property and liabilities have the respective
meanings assigned by clause 1 of Schedule 4;
WADC means the Western Australian Development
Corporation established by the Western Australian Development Corporation Act
1983 4 .
[ 52. Deleted: No. 60 of 1998 s. 27.]
[Schedules 1 and 1A deleted: No. 13 of 2023 s. 297.]