Port of Darwin Act 2015

(1) For the purposes of an authorised transaction, the Chief Minister may, by written order, direct that a body corporate be established as a transaction company in any way mentioned in subsection (2).

(a) the formation or acquisition by, or on behalf of, one or more public sector entities of a body corporate limited by shares, so that all the issued shares in the body corporate are held by, or on behalf of, the public sector entity or entities; or

(b) the formation or acquisition of a body corporate as a wholly‑owned subsidiary of a transaction company.

(3) A body corporate established in accordance with a direction of the Chief Minister under subsection (1) is a transaction company for this Act.

(4) A transaction company that is a public sector entity may be converted from one kind of body corporate to another.

(a) a transaction company is not, and does not represent, the Territory; and

(b) the liabilities of a transaction company are not guaranteed by the Territory.

(6) The Chief Minister may act for, or on behalf of, a public sector entity (including a transaction company that is a public sector entity) in connection with the rights and liabilities of the public sector entity as the holder of shares or other securities in, or issued by, a transaction company.

(7) Shares and other securities in, or issued by, a transaction company that is a public sector entity must not be issued, sold or transferred except:

(a) in accordance with a direction of the Chief Minister under section 13; or

(b) by the Chief Minister on behalf of the transaction company under subsection (8).

(8) The Chief Minister may, on behalf of a public sector entity (including a transaction company that is a public sector entity), enter into and carry out a transaction arrangement for the issue, sale or transfer of shares or other securities in, or issued by, a transaction company.