Terms used
71 Terms used
In this Division, unless the contrary intention appears —
asset means property that —
immediately before the transfer time, is held, either by the Transport Co‑ordination Ministerial Body in its own right or by any other person on behalf of the State, for the purposes of the Transport Co‑ordination Act 1966 Part II Division 4; or
arises before the transfer time in relation to the administration of the Transport Co‑ordination Act 1966 Part II Division 4 and exists immediately before that time;
former holder means the Transport Co‑ordination Ministerial Body or any other person immediately before the transfer time —
holding any asset; or
subject to any liability;
liability means any liability, duty or obligation —
whether actual, contingent or prospective, liquidated or unliquidated; or
whether owed alone or jointly or jointly and severally with any other person,
that arises before the transfer time in relation to the administration of the Transport Co‑ordination Act 1966 Part II Division 4 and exists immediately before that time;
property means property of any kind whether tangible, intangible, real, or personal and, without limiting that meaning, includes —
any chose in action or goodwill; or
any 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, actual, contingent or prospective;
right means any right, power, privilege or immunity whether actual, contingent or prospective;
transfer time means the time when section 195 comes into operation;
Transport Co‑ordination Ministerial Body means the Transport Co‑ordination Ministerial Body established by the Transport Co‑ordination Act 1966 section 6.
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