Northern Territory Numbered Acts Northern Territory Numbered Acts(1) The transfer of port assets from the Darwin Port Corporation or any other public sector entity to either a private sector entity or a public sector entity is authorised subject to the following limitations:
(a) Port of Darwin land can be leased or licensed to a private sector entity but the ownership of the freehold title to that land must remain with a public sector entity;
(b) a lease or licence of Port of Darwin land granted to a private sector entity cannot have a term that exceeds 99 years.
(2) For subsection (1)(b), the period of 99 years begins from and includes the day on which the lease or licence is first granted to a private sector entity after the commencement of this Act and includes the term of any further lease or licence that may be granted to a private sector entity under an option.
(3) There are no limitations on the nature of the entities that can be used, or on the kind of transaction arrangements that can be entered into, for the purposes of an authorised transaction.
Examples for subsection (3)
An ownership structure involving a unit trust could be used. A transaction arrangement involving the grant of an easement could be entered into.
(4) Port assets can be transferred for the purposes of an authorised transaction in any manner.
(5) Without limiting subsection (4), port assets of a body corporate (the port assets holder ) can be transferred to another body corporate by the port assets holder becoming a wholly-owned subsidiary of the other body corporate.
(6) No compensation is payable in connection with the transfer of port assets to a public sector entity under an authorised transaction, but this does not prevent the transfer being for consideration.
(7) To avoid doubt, subsection (3) is not limited by section 11 .