1Short title
This is the Perth Market (Disposal) Act 2015.
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Bill homepageThis is the Perth Market (Disposal) Act 2015.
This Act (other than Part 6 Division 2 and Part 7) comes into operation on the day after the day on which it receives the Royal Assent.
Part 6 Division 2 and Part 7 come into operation on the day on which the Perth Market Act 1926 is repealed under section 42.
In this Act, unless the contrary intention appears —
asset means property of any kind whether tangible, intangible, real or personal and includes (without limitation) —
any chose in action, goodwill, right, interest or claim of any kind, whether arising from, accruing under, created or evidenced by or the subject of an instrument or otherwise and whether liquidated or unliquidated or actual, contingent or prospective; and
a contractual right that is to be regarded as arising because of section 24(2);
Authority means the Perth Market Authority under the Perth Market Act 1926;
central trading lot means the land that, immediately before the commencement of this section, was the part of Lot 1002 on Deposited Plan 16227, Certificate of Title Volume 2129 Folio 88 that is shown hatched on the plan in Schedule 1 Division 1;
company means a company registered under the Corporations Act 2001 (Commonwealth);
corporate vehicle means —
a company created in accordance with section 10(4) each security in which is held by a person specified in section 10(6); or
a subsidiary under the Corporations Act 2001 (Commonwealth) of a company referred to in paragraph (a);
dispose of, in relation to a market asset, includes —
to sell or lease the market asset; and
to create and assign an interest in the market asset;
liability —
means any liability, duty or obligation —
whether liquidated or unliquidated or actual, contingent or prospective; and
whether owed alone or jointly or jointly and severally with any other person;
and
includes a contractual liability that is to be regarded as arising because of section 24(2);
market asset means —
the whole or any part of a business carried on by, or any asset or liability owned by or managed on behalf of the State by, the Authority; or
the whole or any part of a business carried on by, or any asset or liability owned by or managed on behalf of the Authority, a corporate vehicle or the State by, a corporate vehicle; or
the securities in a corporate vehicle;
produce means any of the following —
fruit and vegetables;
cut flowers;
fish, crustaceans and marine animals (including if frozen);
public market means a place at which persons meet for the purposes of selling or purchasing produce by wholesale, but does not include —
a place at which the sale of produce occurs if the place is the premises of the seller; or
a place at which the purchase of produce occurs if the place is the premises of the purchaser;
purposes, of a section 9 disposal, has the meaning given in section 4;
right means any right, power, privilege or immunity whether actual, contingent or prospective but, in relation to a transfer order, does not include any privilege or immunity enjoyed as an agent of the Crown except in so far as it relates to anything done or omitted to be done before the transfer time;
section 9 disposal means a disposal for which an order is in force under section 9;
transferee, in relation to a transfer order, has the meaning given in section 21(2)(b);
transferor, in relation to a transfer order, has the meaning given in section 21(2)(b);
transfer order means a transfer order made under section 21 as amended under that section or corrected under section 27;
transfer time, in relation to a transfer order, means the time specified under section 21(2)(a) in the transfer order.
The purposes of a section 9 disposal include the following —
the purpose of effecting or facilitating the section 9 disposal;
any purpose ancillary or incidental to, or consequential on, the section 9 disposal.
A reference in this Act to a thing that is on land is to be taken to be a reference to a thing that is on, in, over or under the land.
For the purposes of this Act, a thing that is on land and is capable of being disposed of —
is not part of the land, regardless of whether it is in the nature of a fixture; and
is capable of being assigned separately from the land; and
is capable of being removed from the land by, or with the authority of, the owner of the land.
This Act binds the State and, so far as the legislative power of the State permits, the Crown in all its other capacities.
A market asset owned or managed by the Authority may be disposed of, whether by the Authority or the State, if the disposal is authorised by an order made under section 9.
A market asset owned or managed by a corporate vehicle may be disposed of, whether by the corporate vehicle or the State, if the disposal is authorised by an order made under section 9.
The Minister may, by order published in the Gazette —
direct the disposal of all or specified market assets; or
vary or revoke an order made under paragraph (a), or under this paragraph, at any time before effect is given to the order.
An order made under subsection (1) may be in general terms and need not include any details about how the disposal is to be effected.
The Minister cannot make an order under subsection (1) without the Treasurer’s approval.
An order made under subsection (1) takes effect —
on the day after the day on which the order is published in the Gazette; or
if a later day is specified in the order — on that day.
Subject to section 11, there are no limitations on the nature of any transaction or arrangement that can be entered into for the purposes of a section 9 disposal.
An express provision of this Act authorising the establishment of a particular kind of legal entity for the purposes of a section 9 disposal does not limit the kinds of legal entity that can be used for those purposes.
One or more corporate vehicles or one or more trusts can be used for the purposes of a section 9 disposal.
If a company is to be used for the purposes of a section 9 disposal by the State, the Under Treasurer must ensure that the necessary steps are taken on behalf of the State to create the company.
Any of the persons specified in subsection (6) can —
receive on behalf of the State an allotment and issue of, or otherwise acquire on behalf of the State, securities in the company; and
hold, and dispose of, on behalf of the State any securities so acquired by the person in the company.
For subsection (5), the following persons are specified —
the Minister;
the Treasurer;
the Authority.
The Minister may enter into on behalf of the State any agreement for the purposes of a section 9 disposal.
The following land can be disposed of under this Act —
Crown land;
freehold land owned by the Authority, a corporate vehicle or the State.
Despite the Transfer of Land Act 1893 section 68(1A), land disposed of under this Act is subject to any prior unregistered lease or agreement for lease or for letting for a term exceeding 5 years to a tenant in actual possession even though the lease or agreement may not be specially notified as an encumbrance on the certificate of title or registered instrument for the land.
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