TT-Line Arrangements Act 1993

In this section – relevant Minister means the Minister to whom the Department or the statutory authority that is responsible for the administration of the transferred business immediately before the transfer day is responsible; transfer day means the day specified in an order made under subsection (2) on which any business, property, right or liability is transferred to or vests in the Company; transferred business means any business, property, right or liability specified in, and transferred to the Company by, an order under subsection (2).

The relevant Minister may, by order – transfer any business, property, right or liability of the Crown or a statutory authority to the Company (whether or not that transfer is for a consideration); and provide for any matter that is incidental to that transfer.

Consideration for the transfer of any transferred business may be by assumption of liabilities, issue of shares or otherwise.

Any shares in the Company issued to a person as consideration for the transfer of transferred business are held by that person in trust for the Crown.

On the transfer day – the business, property and rights specified in, and transferred by, an order made under subsection (2) vest in the Company; and the liabilities specified in, and transferred by, such an order become the liabilities of the Company.

Except as otherwise provided in an order made under subsection (2), on and after the transfer day – any legal proceedings pending immediately before the transfer day and which were instituted by or against the Crown or a statutory authority in respect of the transferred business may be continued by or against the Company; and any legal proceedings by or against the Crown or a statutory authority in respect of the transferred business to enforce a right that had accrued, and was in existence, immediately before the transfer day may be commenced by or against the Company; and a judgment or order of a court obtained before the transfer day by or against the Crown or a statutory authority in respect of the transferred business may be enforced by or against the Company; and a document addressed to the Crown or a statutory authority in respect of the transferred business may be served on the Company; and a contract made or entered into by the Crown or a statutory authority in respect of the transferred business before the transfer day but not performed or discharged before that day is taken to have been made or entered into by the Company.

If a relevant Minister transfers any business, property, right or liability of a statutory authority to the Company under subsection (2), that business, property, right or liability is to be taken to have been vested in, or to have belonged to, the Crown on the day immediately preceding the transfer day.

A person who is a party to a contract is not entitled to terminate that contract by reason only of the transfer, under an order made under subsection (2), of any business, property, right or liability to which that contract relates.