South Australian Numbered Acts

STATE ASSETS (PRIVATISATION RESTRICTIONS) ACT 2024 (NO 5 OF 2024) - SECT 3

3—Privatisation of state-owned assets

        (1)         The Crown must not privatise, or cause the privatisation of, a state-owned asset unless—

            (a)         the relevant parliamentary committee reviews the proposed sale, disposal or lease of the asset (the "proposed transaction"); and

            (b)         a report of the review that complies with this section is tabled in each House of Parliament; and

            (c)         the proposed transaction is then approved by resolution of each House of Parliament.

        (2)         The report of the review must contain—

            (a)         a full description of the terms of the proposed transaction; and

            (b)         the relevant parliamentary committee’s recommendation on whether the proposed transaction should proceed; and

            (c)         the reasons for the recommendation.

        (3)         A transaction that contravenes subsection (1)

is void and of no effect.

        (4)         Nothing in this section prevents a sale, disposal or lease—

            (a)         in the ordinary course of the business or operations of a state-owned asset; or

            (b)         that results in the state-owned asset remaining in public ownership or control.

        (5)         This section prevails over any inconsistent provision of any other Act or law.