Government Owned Corporations (BACH Shares Transfer) Regulation 2007

1Short title

This regulation may be cited as the Government Owned Corporations (BACH Shares Transfer) Regulation 2007.

2Dictionary

The dictionary in the schedule defines particular words used in this regulation.

3Transfer of shares and assumption of liability—Act, s 188

(1)The BACH shares are transferred to QIC on the transfer day.

(2)GIC’s liability for the BACH debt is assumed by QIC, and GIC is discharged from the liability, on the transfer day.

(3)The consideration for the transfer of the shares to QIC under subsection (1) is the assumption of the liability by QIC under subsection (2).

(4)GIC and QIC must do all things necessary to enable—

(a)the transfer of the shares under subsection (1); and

(b)the assumption of the liability under subsection (2).

section 2

BACH means BAC Holdings Ltd ACN 108 568 038.

BACH debt has the meaning given by the Facilitation Agreement, effective on 27 July 2007, between GIC, Port of Brisbane Corporation Limited ACN 124 048 522, QIC and Queensland Investment Corporation.

BACH shares means a parcel of 170471850 ordinary shares and 117623551 redeemable preference shares held by GIC in BACH.

GIC means Gateway Investments Corporation Pty Ltd ACN 086 967 464.

QIC means QIC Infrastructure Management Pty Ltd ACN 096 932 188.

transfer day means 17 August 2007.