South Australian Consolidated Acts South Australian Consolidated Acts4—Sale of bulk handling facilities
(1) The Treasurer may
by agreement (a "sale agreement") with
another (the "purchaser") transfer title to the Corporations's bulk handling
facilities to the purchaser.
There may be two or more agreements relating to different bulk handling
facilities with the same purchaser or with different purchasers.
(2) A sale
agreement—
(a)
vests title to bulk handling facilities to which the agreement relates in the
purchaser in accordance with its terms; and
(b)
discharges those bulk handling facilities from any trust or other interest in
favour of the Crown (except to the extent that any such interest may be
expressly preserved under the terms of the agreement).
(3) A transfer of
title under this section operates by force of this Act and despite the
provisions of any other law or instrument.
(4) A sale agreement
may require the purchaser to indemnify the Corporation against specified
liabilities or liabilities of a specified class.
(5) The
Treasurer—
(a) may
apply the net proceeds of a sale under this section in discharging or
recouping outstanding liabilities of the Corporation; and
(b) must
pay the balance to the Asset Management Task Force Operating Account at the
Treasury to be used for the purpose of retiring State debt.