Transfer of assets, rights and liabilities
5 Transfer of assets, rights and liabilities
The assets, rights and liabilities of the former body are transferred to the Company by force of this section.
Without limiting subsection (1), the staff of the former body are transferred to the Company by force of this section.
It is not lawful for the Company to alienate, mortgage, charge or demise any land acquired by the former body by grant from the Crown, except:
with the approval of the Governor, or
by way of a complying lease.
For the purposes of this section, a complying lease is a lease for any term not exceeding 21 years from the time of granting any such lease, and in and by which there is reserved and made payable during the whole of the term of the lease the best yearly rent that can reasonably be obtained without any fine or premium.
This Act’s bill:Explanatory memorandumSecond reading speech
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