Part 6B Subsidiary corporations, joint ventures etc
55A Definition of “transport authority”
In this Part, transport authority means any of the following:(a) TfNSW,(b) RailCorp,(c) RMS,(d) State Transit Authority,(e) Sydney Ferries.(f), (g) (Repealed)
55B Exercise of functions through subsidiary corporations, joint ventures etc
(1) In this section:subsidiary corporation of a transport authority means:
(a) a public subsidiary corporation referred to in section 55C that is constituted for the purposes of the transport authority, or(b) a private subsidiary corporation referred to in section 55D that is formed for the purposes of the transport authority.(2) Any function of a transport authority may be exercised:(a) by the transport authority itself, or(b) by a subsidiary corporation of the transport authority, or(c) by the transport authority or a subsidiary corporation of the transport authority, or both, in a partnership, joint venture or other association with other persons or bodies.(3) This section does not extend to the function of TfNSW to give directions under section 3G.
55C Public subsidiary corporations
(1) In this section:public subsidiary corporation means a corporation constituted in accordance with this section for the purposes of a transport authority.
(2) The regulations may constitute a corporation for the purposes of this section with the corporate name specified in the regulations.(3) A public subsidiary corporation:(a) has such of the functions of the transport authority in respect of which it is constituted as are specified in the regulations or delegated to it under this Act, and(b) is, for the purposes of any Act, a NSW Government agency.(4) The provisions of or made under this Act or any other Act relating to a transport authority apply to and in respect of a public subsidiary corporation constituted for the purposes of that authority in such manner and to such extent as are prescribed by the regulations.(5) With the approval of the Minister:(a) a transport authority may transfer any of its assets, rights or liabilities to a public subsidiary corporation of the authority, and(b) a public subsidiary corporation of a transport authority may transfer any of its assets, rights or liabilities to the transport authority or to another public subsidiary corporation of the authority.(6) The regulations may make provision for or with respect to the vesting of those assets, rights and liabilities in the transferee without any transfer, conveyance or assignment.(7) A public subsidiary corporation is dissolved by the repeal of the regulations by which it is constituted (unless continued in existence by the regulations), and on any such dissolution the assets, rights and liabilities of the corporation become the assets, rights and liabilities of the transport authority in respect of which the corporation was constituted.
55D Private subsidiary corporations etc
(1) In this section:private corporation means a corporation within the meaning of the Corporations Act 2001 of the Commonwealth formed in or outside New South Wales.
private subsidiary corporation means a private corporation in which a transport authority has a controlling interest.
(2) A transport authority may, subject to subsection (3):(a) form, or participate in the formation of, private corporations, and(b) acquire interests in private corporations, and(c) sell or otherwise dispose of interests in private corporations,whether or not the activities or proposed activities of any such private corporation are related to the activities of the transport authority.(3) A transport authority must not, without the approval of the Minister:(a) form, or participate in the formation of, a private subsidiary corporation, or(b) acquire an interest in a private corporation so that, as a result of the acquisition, the corporation becomes a private subsidiary corporation, or(c) sell or otherwise dispose of any interest in a private subsidiary corporation so that, as a result of the sale or disposal, it ceases to be a private subsidiary corporation.(4) A private subsidiary corporation is not a NSW Government agency.