Tasmanian Bills Fact Sheets

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RAIL COMPANY BILL 55 OF 2009

                            RAIL COMPANY BILL 2009

                                   FACT SHEET


�   The Rail Company Bill 2009 provides for the establishment of a State-owned
    Company under Corporations Law for the purpose of owning and operating a rail
    business in Tasmania.

�   The Company will be established in the same manner as other State-owned
    Companies and will operate under the existing governance arrangements
    established for State-owned Companies in Tasmania. The members of the
    Company will be the Treasurer and the Minister for Infrastructure.

�   The Bill provides for the Company to act as the nominee of the Crown under the
    Business Sale Agreement entered into by the Crown to acquire the Tasmanian
    rail operations and business of Pacific National Tasmania.

�   The Company is authorised to own a railway and operate a rail business in
    Tasmania.

�   The Bill includes transfer provisions to allow for the transfer of rail infrastructure
    and related assets, liabilities and contracts between the Company and the Crown.
    Provision is also made to enable the transfer of Crown employees to the
    Company while retaining their existing entitlements.

�   The Bill specifically allows the Treasurer and the Minister for Infrastructure to sell
    their shares in the Company or to give a written direction to the Board of the
    Company requiring the Company to sell its shares in a subsidiary or all or any of
    its assets. All sales proceeds to be returned to the Consolidated Fund.
 
 

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