Ports Assets (Authorised Transactions) Act 2012

The assets, rights and liabilities of a body corporate include the assets, rights and liabilities of a wholly owned subsidiary of the body corporate and accordingly the following principles apply in the interpretation of this Act—

assets, rights and liabilities of a body corporate can be transferred to another person (the transferee) by a transfer of shares or any other transaction that results in the body corporate becoming a wholly owned subsidiary of the transferee,

assets, rights and liabilities of a body corporate are acquired by (and become assets, rights and liabilities of) a transferee when the body corporate becomes a wholly owned subsidiary of the transferee.

This clause does not limit the ways in which assets, rights and liabilities can be transferred for the purposes of an authorised transaction and does not prevent the direct transfer of assets, rights and liabilities to a transferee.