Ports Assets (Authorised Transactions) Act 2012

The Treasurer may for the purposes of an authorised transaction establish, or direct the establishment of, companies as transaction companies in any of the following ways—

the formation or acquisition by or on behalf of the State or a SOC of a company limited by shares, so that all the issued shares in the company are held by or on behalf of the State or a SOC (or both),

the formation or acquisition of a company as a wholly owned subsidiary company of a transaction company,

the conversion of a port SOC or transaction SOC into a company limited by shares as provided by Schedule 3.

A transaction company that is a public sector agency may be converted from one kind of company to any other kind of company.

Except by express agreement with the Treasurer—

a transaction company is not and does not represent the State, and

the debts, liabilities and obligations of a transaction company are not guaranteed by the State.

The Treasurer may act for or on behalf of the State, a SOC or a transaction company that is a public sector agency in connection with the rights, privileges and benefits, and the duties, liabilities and obligations, of the State, a SOC or a transaction company as the holder of shares or other securities in or issued by a transaction company.

Shares and other securities in or issued by a transaction company that is a public sector agency may be issued, sold or transferred in accordance with the directions of the Treasurer. The Treasurer may on behalf of the State, a SOC or a transaction company that is a public sector agency, enter into and carry out transaction arrangements for the issue, sale or transfer of shares and other securities in or issued by a transaction company.

If a port SOC becomes a transaction company by being converted into a company under this section, a reference in this Act to the port SOC includes a reference to that transaction company.