TAB (Disposal) Act 2019 (WA)

Western Australia TAB (Disposal) Act 2019 Western Australia TAB (Disposal) Act 2019 Contents Part 1 — Preliminary matters 1. Short title 2 2. Commencement 2 3. Terms used 3 4. Purposes of section 8 disposal 5 5. Severance of things on land 5 6. Act binds Crown 6 Part 2 — Enabling disposal 7. Disposal of TAB assets authorised 7 8. Minister may order disposal of TAB assets 7 9. Effecting disposal 8 10. Disposal of freehold land 9 11. Functions and powers of Minister 9 12. Functions and powers of RWWA 9 13. Functions and powers of corporate vehicles 9 14. Directions by Minister 9 15. Regulations about corporate vehicles and trusts 10 Part 3 — Implementing disposal Division 1 — Transfer orders 16. Minister may make transfer orders 11 17. Consequences of transfer orders 13 18. Completion of transactions for this Division 13 19. Effect of arrangements internal to transferors 14 20. Delivery and access to records 14 21. Registration of documents 15 22. Correction of errors in transfer orders 16 Division 2 — Disclosure of information 23. Authorised disclosure of information 16 24. Auditor General may disclose information 17 25. Offence of disclosing information 17 Division 3 — Other matters 26. Application of proceeds of disposal 18 27. Racing Infrastructure Fund 19 28. Provision by State of indemnities and guarantees 19 29. Takeover by State of certain obligations 19 Part 4 — Provisions relating to corporate vehicles 30. Application of this Part 21 31. Acquirer's powers and duties 21 32. Application of written laws to acquirer 21 Part 5 — Miscellaneous matters 33. Exemption from State tax 22 34. Effect of this Act on existing rights and obligations 23 35. No compensation payable 23 36. Regulations for the purposes of, or consequential on, section 8 disposals 24 37. Regulations 25 Part 6 — Betting Control Act 1954 amended 38. Act amended 26 39. Long title replaced 26 40. Section 4 amended 26 42. Section 4A amended 29 46. Section 5C inserted 29 5C. Betting on simulated races 29 47. Part 1A inserted 29 Part 1A — Wagering licences Division 1 — General 6. Wagering licence and wagering licensee 29 7. Associates 30 8. Key employees 32 9. Determinations of good repute and public interest 33 Division 2 — Applications for and grant of wagering licences 10. Application for wagering licence 33 10A. Grant of wagering licence 33 10B. Fee for wagering licence 34 10C. Duration of wagering licence 35 10D. Wagering licence may authorise preparatory action 36 10E. Transfer of wagering licence 36 10F. No proprietary right in wagering licence 37 Division 3 — Conditions of wagering licences 10G. Financial assurance 38 10H. Racing industry arrangement 38 10I. Consumer protection policy 39 10J. General provisions relating to bets with wagering licensee 39 Division 4 — Disciplinary and other actions concerning wagering licences 10K. Commission may take or recommend disciplinary action 39 10L. Minister's power to amend, suspend or cancel wagering licence 43 10M. Suspension of wagering licence 44 10N. Surrender of wagering licence 44 10O. Appointment of temporary licensee if wagering licence suspended, cancelled, surrendered 45 10P. Directions necessary for transitioning to new wagering licence 46 Division 5 — Miscellaneous 10Q. Wagering licence agreements 46 10R. Minister may amend wagering licence on request 47 10S. Combined totalisator pool and fixed odds schemes 47 10T. Engaging contractors and appointing agents to assist wagering licensee 48 10U. Betting agencies 48 10V. Directions relating to betting agencies 49 10W. Wagering licensee to give notice to Commission about certain matters 50 10X. Approval of associates of wagering licensee 50 10Y. Commission may give directions to wagering licensee in relation to wagering business 52 10Z. Disclosure of certain information authorised 53 10ZA. Amount deducted as commission by wagering licensee 53 10ZB. Unclaimed moneys 54 10ZC. Authorisation for Competition and Consumer Act 2010 (Cth) and Competition Code 55 10ZD. Confidential police information 56 48. Part 2 heading amended 57 52. Section 14 inserted 57 14. Bets transmitted from racing club to wagering licensee 57 77. Section 32A amended 58 80. Various references to "race course" amended 58 Part 7 — Casino (Burswood Island) Agreement Act 1985 amended 81. Act amended 60 82. Section 3 amended 60 83. Section 4G inserted 60 4G. Fifteenth Supplementary Agreement ratified and implementation authorised 60 84. Schedule 16 inserted 61 Schedule 16 — Fifteenth Supplementary Agreement Part 8 — Gaming and Wagering Commission Act 1987 amended 85. Act amended 68 89. Section 8 amended 68 93. Section 24 amended 68 Part 9 — Racing and Wagering Western Australia Act 2003 amended Division 1 — Preliminary 105. Act amended 70 Division 2 — Provisions commencing on day after assent day 106. Section 3 amended 70 107. Section 10 amended 71 108. Section 19 amended 71 109. Section 35 amended 71 110. Section 36 amended 72 111. Section 37 amended 72 112. Section 38 amended 72 113. Section 46 amended 73 114. Section 68 amended 73 115. Section 77 amended 73 116. Section 113 amended 73 117. Section 115 amended 73 118. Schedule 2 amended 74 Part 11 — Review of Act 161. Review of Act 75 Notes Compilation table 76 Uncommenced provisions table 76 Defined terms Western Australia TAB (Disposal) Act 2019 An Act — • to provide for the disposal of the whole or part of any business carried on by, or all or any of the assets or liabilities owned by, Racing and Wagering Western Australia trading as TAB or TAB Touch; and • to amend — • the Betting Control Act 1954; and • the Casino (Burswood Island) Agreement Act 1985; and • the Gaming and Wagering Commission Act 1987; and • the Racing and Wagering Western Australia Act 2003; and • to make consequential amendments to various other Acts; and • to repeal the Racing Bets Levy Act 2009. The Parliament of Western Australia enacts as follows: Part 1 — Preliminary matters 1. Short title This is the TAB (Disposal) Act 2019. 2. Commencement (1) This Act comes into operation as follows — (a) Part 1 — on the day on which this Act receives the Royal Assent (assent day); (b) the following provisions — on a day fixed by proclamation — (i) section 40(2), (3), (5), (6), (8), (10) to (13), (15) and (16); (ii) section 41; (iii) sections 43 to 45; (iv) sections 49 to 51 (v) sections 53 to 76; (vi) section 77(2); (vii) sections 78 and 79 (viii) sections 86 to 88; (ix) section 89(1); (x) sections 90 to 92; (xi) sections 94 to 104; (xii) Part 9 Divisions 3 and 4; (xiii) Part 10; (c) the rest of the Act — on the day after assent day. (2) Different days may be fixed in a proclamation for different provisions. 3. Terms used In Parts 1 to 5, unless the contrary intention appears — acquirer means the entity to which a TAB asset is disposed of for the purposes of a section 8 disposal; asset — (a) means property of any kind whether tangible, intangible, real or personal; and (b) includes — (i) any chose in action, goodwill, right, interest or claim of any kind, whether arising from, accruing under, created or evidenced by or the subject of an instrument or otherwise and whether liquidated or unliquidated or actual, contingent or prospective; and (ii) a contractual right that is to be regarded as arising because of section 19(2); company means a company registered under the Corporations Act 2001 (Commonwealth); corporate vehicle means — (a) a company created in accordance with section 9(4) each security in which is held by a person specified in section 9(6) on behalf of the State; or (b) a subsidiary under the Corporations Act 2001 (Commonwealth) of a company referred to in paragraph (a); dispose of, in relation to a TAB asset, includes — (a) to sell the TAB asset; and (b) to grant a lease or licence in respect of the TAB asset; and (c) to create and assign an interest in the TAB asset; disposer means the entity from which a TAB asset is disposed of for the purposes of a section 8 disposal; liability — (a) means any liability, duty or obligation — (i) whether liquidated or unliquidated or actual, contingent or prospective; and (ii) whether owed alone or jointly or jointly and severally with any other person; and (b) includes a contractual liability that is to be regarded as arising because of section 19(2); purposes, of a section 8 disposal, has the meaning given in section 4; right — (a) means any right, power, privilege or immunity whether actual, contingent or prospective; but (b) in relation to a transfer order, does not include any privilege or immunity enjoyed as an agent of the Crown except in so far as it relates to anything done or omitted to be done before the transfer time; RWWA means — (a) before the commencement of section 120, Racing and Wagering Western Australia established under the Racing and Wagering Western Australia Act 2003; (b) on and after the commencement of section 120, Racing Western Australia established under the Racing Western Australia Act 2003; RWWA Act means — (a) before the commencement of section 120, the Racing and Wagering Western Australia Act 2003; (b) on and after the commencement of section 120, the Racing Western Australia Act 2003; section 8 disposal means a disposal for which an order is in force under section 8; TAB means that part of RWWA trading as TAB or TAB Touch; TAB asset means any of the following to the extent that it relates to or comprises the TAB or is owned by RWWA or a corporate vehicle and is, in the Minister's opinion, associated with the TAB — (a) the whole or any part of a business carried on by, or any asset or liability owned by or managed by, RWWA; or (b) the whole or any part of a business carried on by, or any asset or liability owned by or managed on behalf of RWWA, a corporate vehicle or the State by, a corporate vehicle; or (c) the securities in a corporate vehicle; transferee, in relation to a transfer order, has the meaning given in section 16(2)(b); transferor, in relation to a transfer order, has the meaning given in section 16(2)(b); transfer order means a transfer order made under section 16 as amended under that section or corrected under section 22; transfer time, in relation to a transfer order, means the time specified under section 16(2)(a) in the transfer order. 4. Purposes of section 8 disposal The purposes of a section 8 disposal include the following — (a) the purpose of effecting or facilitating the section 8 disposal; (b) any purpose ancillary or incidental to, or consequential on, the section 8 disposal. 5. Severance of things on land (1) In this section — on land includes in, over or under land. (2) The Minister may, by order in writing for the purposes of a section 8 disposal, direct that a specified thing that is on land and is capable of being disposed of is not part of the land, regardless of whether it is in the nature of a fixture. (3) The effect of the order is that, for the purposes of a section 8 disposal, the thing — (a) is taken to be severed from the land; and (b) is capable of being assigned as personal property separately from the land; and (c) is capable of being removed from the land by, or with the authority of, the owner of the land. (4) The severance of a thing from land under this section does not affect the right of the thing to be situated on that land. (5) The Minister may vary or revoke an order made under subsection (2). 6. Act binds Crown This Act binds the Crown in right of Western Australia and, so far as the legislative power of the Parliament permits, the Crown in all its other capacities. Part 2 — Enabling disposal 7. Disposal of TAB assets authorised (1) A TAB asset owned or managed by RWWA may be disposed of, whether by RWWA or the State, if the disposal is authorised by an order made under section 8. (2) A TAB asset owned or managed by a corporate vehicle may be disposed of, whether by the corporate vehicle or the State, if the disposal is authorised by an order made under section 8. 8. Minister may order disposal of TAB assets (1) The Minister may, by order published in the Gazette — (a) direct the disposal of all or specified TAB assets; or (b) vary or revoke an order made under paragraph (a), or under this paragraph, at any time before effect is given to the order. (2) An order made under subsection (1) may be in general terms and need not include any details about how the disposal is to be effected or specific details about the assets the subject of the disposal. (3) The Minister cannot make an order under subsection (1) without the Treasurer's approval. (4) An order made under subsection (1) takes effect — (a) on the day after the day on which the order is published in the Gazette; or (b) if a later day is specified in the order — on that day. (5) Any TAB asset not disposed of in accordance with an order made under subsection (1) — (a) remains the property of RWWA; and (b) despite the RWWA Act section 30, may be held, maintained, managed, improved, developed and disposed of for any purpose. 9. Effecting disposal (1) Except as provided in section 10, there are no limitations on the nature of any transaction or arrangement that can be entered into for the purposes of a section 8 disposal. (2) An express provision of this Act authorising the establishment of a particular kind of legal entity for the purposes of a section 8 disposal does not limit the kinds of legal entity that can be used for those purposes. (3) One or more corporate vehicles or 1 or more trusts can be used for the purposes of a section 8 disposal. (4) If a company is to be used for the purposes of a section 8 disposal by the State, the Under Treasurer must ensure that the necessary steps are taken on behalf of the State to create the company. (5) Any of the persons specified in subsection (6) can — (a) receive on behalf of the State an allotment and issue of, or otherwise acquire on behalf of the State, securities in the company; and (b) hold, and dispose of, on behalf of the State any securities so acquired by the person in the company. (6) For the purposes of subsection (5), the following persons are specified — (a) the Minister; (b) the Treasurer; (c) RWWA. (7) The Minister may enter into on behalf of the State any agreement for the purposes of a section 8 disposal. 10. Disposal of freehold land Freehold land can be disposed of under this Act only if it is owned by RWWA, a corporate vehicle or the State. 11. Functions and powers of Minister The Minister has all of the functions and powers that are necessary or convenient for the purposes of this Act, including the power to acquire land. 12. Functions and powers of RWWA RWWA has all of the functions and powers that are necessary or convenient for the purposes of the disposal of a TAB asset under this Act. 13. Functions and powers of corporate vehicles A corporate vehicle has all of the functions and powers that are necessary or convenient for the purposes of the disposal of a TAB asset under this Act, including — (a) the power to acquire land; and (b) if the corporate vehicle is a company referred to in section 3 in the definition of corporate vehicle paragraph (a) — the power to create subsidiaries of the company. 14. Directions by Minister (1) The Minister may, for the purposes of a section 8 disposal, give a written direction to RWWA or a corporate vehicle. (2) RWWA or a corporate vehicle must comply with a direction given to it under subsection (1). (3) RWWA or a corporate vehicle, or a director or officer of RWWA or a corporate vehicle, is not liable for, and does not contravene the RWWA Act by reason of, anything done or omitted to be done in good faith in compliance with, or purported compliance with, a direction given under subsection (1). (4) This section is declared to be a Corporations legislation displacement provision for the purposes of the Corporations Act 2001 (Commonwealth) section 5G in relation to the Corporations legislation generally. 15. Regulations about corporate vehicles and trusts (1) Regulations may make provision about the constitution, trust deed or another constituent document of a corporate vehicle or trust that is to be used for the purposes of a section 8 disposal. (2) Regulations may declare a matter dealt with, provided for, done or occurring under regulations referred to in subsection (1) to be an excluded matter for the purposes of the Corporations Act 2001 (Commonwealth) section 5F in relation to any of the following — (a) the whole of the Corporations legislation; (b) a specified provision of that legislation; (c) that legislation other than a specified provision; (d) that legislation other than to a specified extent. Part 3 — Implementing disposal Division 1 — Transfer orders 16. Minister may make transfer orders (1) In this section — private entity means a person other than any of the following — (a) RWWA; (b) a statutory corporation; (c) a corporate vehicle; (d) the State; statutory corporation means — (a) a Minister or chief executive officer who is constituted, or continued in existence, as a body corporate under an Act; or (b) any other body corporate that is constituted, or continued in existence, under an Act. (2) For the purposes of a section 8 disposal, the Minister may, by order published in the Gazette (a transfer order), specify all or any of the following — (a) a time (which must be after the day on which the order is published in the Gazette) that is the transfer time under the transfer order; (b) any asset or liability that, by operation of section 17, is to be transferred from RWWA, a corporate vehicle or the State as specified in the order (the transferor) to a corporate vehicle or a private entity as specified in the order (the transferee); (c) proceedings in which, by operation of section 17, the transferee is to be substituted for the transferor as a party; (d) any agreement or instrument relating to anything transferred that, by operation of section 17, is to have effect as if, unless otherwise expressly specified in the order, references to the transferee were substituted for references to the transferor in the agreement or instrument. (3) If the transfer time is specified by reference to when a thing is done, the Minister must ensure that notice of the time when the thing is done is published in the Gazette. (4) A transfer order may specify persons or things by reference to schedules that — (a) need not be published in the Gazette; but (b) must be available for public inspection on business days at the place and between the times specified in the transfer order for 6 months after the day on which the transfer order is published in the Gazette. (5) For the purposes of subsection (4)(b), a business day is a day other than a Saturday, Sunday or public holiday. (6) A person or thing specified in a schedule for a transfer order is taken to be specified in the transfer order. (7) A person or thing may be specified in a transfer order by describing the person or thing as a member of a class. (8) Before a transfer order is made specifying anything by reference to a schedule, the Minister must consult each relevant official to whom a copy of the schedule must be given under section 21(2) about the form and content of the schedule for the purpose of facilitating the recording and registration of instruments or documents as required by section 21(3)(b). (9) The Minister may, by order published in the Gazette, amend a transfer order or a schedule for a transfer order, but only — (a) before the transfer time; and (b) with the consent of the transferee. 17. Consequences of transfer orders (1) In this section — specified means specified in the transfer order. (2) A transfer order has effect at the transfer time as follows — (a) a specified asset is, by operation of this section and without the need for any conveyance, transfer, assignment or assurance or any prior notice or further act, transferred to the transferee and becomes an asset of the transferee; (b) a specified liability is, by operation of this section and without the need for any prior notice or further act, transferred to and becomes a liability of the transferee; (c) the transferee is, by operation of this section, substituted for the transferor as a party to any specified proceedings; (d) a specified agreement or instrument has effect, by operation of this section, as if (unless otherwise specified) a reference to the transferee were substituted for a reference to the transferor in the agreement or instrument; (e) any proceedings or remedy that might have been commenced by, or available against or to, the transferor in relation to an asset or liability transferred by paragraph (a) or (b) may be commenced by, or are available against or to, the transferee; (f) anything relating to an asset or liability transferred by paragraph (a) or (b) that was done or omitted to be done by, to or in respect of the transferor before the transfer and is of any effect is taken to have been done or omitted by, to or in respect of the transferee. 18. Completion of transactions for this Division If a transfer order cannot to any extent have the effect sought to be achieved by this Division (whether because a matter is governed otherwise than by a law of this State or for any other reason), the Minister and the transferor must each take all practicable steps to achieve that effect as soon as possible after the transfer time. 19. Effect of arrangements internal to transferors (1) An instrument that provides for arrangements between different parts of the transferor's business or undertaking may be specified in a transfer order as if it created contractual rights and liabilities. (2) An instrument specified as described in subsection (1) is to be regarded as if its provisions were contractual provisions between different legal entities. (3) A contractual right or liability that is to be regarded as arising because of subsection (2) is transferable under this Division. 20. Delivery and access to records (1) In this section — record includes a register, minute, receipt, book of account or other document (however compiled, recorded or stored); relevant record, in relation to a transfer order, means a record relating to any asset, liability, agreement, instrument or proceeding specified under section 16(2) in the transfer order. (2) The Minister may give the transferor under a transfer order a direction (whether in the transfer order or otherwise in writing) as to which relevant records, or classes of relevant records, in the possession or control of the transferor must be delivered to or shared with, or be able to be accessed by, the transferee under the transfer order. (3) The transferor must deliver to or share with the transferee, or enable the transferee to have access to, relevant records in accordance with the direction. (4) The transferor and transferee must make arrangements for the delivery or sharing of, or access to, relevant records in accordance with the direction. (5) This section is declared to be a Corporations legislation displacement provision for the purposes of the Corporations Act 2001 (Commonwealth) section 5G in relation to the Corporations legislation generally. 21. Registration of documents (1) In this section — relevant official means any of the following — (a) the Registrar of Titles under the Transfer of Land Act 1893; (b) the Registrar of Deeds and Transfers under the Registration of Deeds Act 1856; (c) the Minister administering the Land Administration Act 1997; (d) another person authorised by a written law to record and give effect to the registration of instruments or documents relating to transactions affecting any estate or interest in land or any other property. (2) The Minister must ensure that a copy of each of the following instruments is given to each relevant official — (a) a transfer order and any schedule for it; (b) any order made under section 16(9) amending a transfer order or any schedule for it; (c) any order made under section 22(1) correcting a transfer order or any schedule for it; (d) any notice published under section 16(3) in respect of the transfer time in relation to a transfer order. (3) A relevant official must — (a) take notice of this Division, a transfer order and any other instrument relating to a transfer order that is referred to in subsection (2); and (b) record and register in the appropriate manner the instruments or documents necessary to show the effect of this Division and a transfer order. 22. Correction of errors in transfer orders (1) The Minister may, by order published in the Gazette, make any provision that is necessary to correct any error in a transfer order or a schedule for a transfer order. (2) An order made under subsection (1) may be expressed to take effect on and after the transfer time. (3) To the extent that a provision of an order made under subsection (1) takes effect before the order is published in the Gazette, section 17 does not, as a result of that provision, operate so as — (a) to affect in a manner prejudicial to any person (other than the State, the transferor or transferee, or a Minister, officer or agency of the State) the rights of that person existing before publication; or (b) to impose liabilities on any person (other than the State, the transferor or transferee, or a Minister, officer or agency of the State) in respect of anything done or omitted to be done before publication. Division 2 — Disclosure of information 23. Authorised disclosure of information (1) A disclosure of information that is authorised under this section is not to be regarded as — (a) a breach of contract or confidence or any other civil wrong; or (b) a breach of duty under any of the following — (i) the Gaming and Wagering Commission Act 1987; (ii) the RWWA Act; (iii) the Statutory Corporations (Liability of Directors) Act 1996 section 5; or (c) a breach of, or an offence under, a provision of a written law that prohibits or restricts the disclosure of information. (2) For subsection (1), a disclosure of information is authorised if it is made for the purposes of a section 8 disposal by — (a) the State, RWWA or a corporate vehicle; or (b) a person acting with the authority of a body referred to in paragraph (a). (3) For subsection (2), a disclosure of information made for the purposes of a section 8 disposal includes a disclosure of information whenever made if the disclosure is or was made for the purposes of a potential section 8 disposal. 24. Auditor General may disclose information Despite the Auditor General Act 2006 section 46(2), the Auditor General may, for the purposes of a section 8 disposal, disclose to any person, or provide any person with access to, information in the possession or under the control of the Auditor General. 25. Offence of disclosing information (1) Subsection (2) applies to a person (a bound recipient) who — (a) obtains information connected with a section 8 disposal, whether through a disclosure authorised by section 23 or otherwise; and (b) has agreed or is otherwise under a duty not to disclose the information to others. (2) A bound recipient commits an offence if the bound recipient breaches the agreement or duty referred to in subsection (1)(b). Penalty for this subsection: a fine of $200 000. (3) A person who obtains information connected with a section 8 disposal from or through a bound recipient commits an offence if, without lawful excuse, the person discloses the information in a way that would have resulted in a breach of the agreement or duty referred to in subsection (1)(b) if the disclosure had been made by the bound recipient. Penalty for this subsection: a fine of $200 000. (4) For the purposes of subsections (1)(a) and (3), information connected with a section 8 disposal includes information whenever obtained if the information is or was connected with a potential section 8 disposal. Division 3 — Other matters 26. Application of proceeds of disposal (1) In this section — net proceeds, of a section 8 disposal, means the gross proceeds of the disposal less any transaction and implementation costs incurred by the State, as determined by the Treasurer. (2) The gross proceeds of a section 8 disposal must be paid into the Public Bank Account and credited to an account established by the Treasurer as a Treasurer's special purpose account under the Financial Management Act 2006 section 10. (3) An amount equal to 35% of the net proceeds of a section 8 disposal must be charged to the Treasurer's special purpose account and credited to the Racing Infrastructure Fund referred to in section 27(1). (4) Any other moneys standing to the credit of the Treasurer's special purpose account may be applied as the Treasurer directs. 27. Racing Infrastructure Fund (1) An account called the Racing Infrastructure Fund must be maintained under the RWWA Act section 88. (2) The Racing Infrastructure Fund must be administered by RWWA. (3) Moneys standing to the credit of the Racing Infrastructure Fund may, with the approval of the Minister, be applied for providing and improving infrastructure for the State's racing industry. 28. Provision by State of indemnities and guarantees (1) The Treasurer may, in the name and on behalf of the State, give an indemnity or guarantee in respect of a matter related to — (a) a section 8 disposal; or (b) the action (whether under a transfer order or otherwise) by which anything is disposed of in connection with a section 8 disposal. (2) The Treasurer may, in the name and on behalf of the State, give to any person who is or has been a member, director or officer of RWWA or a corporate vehicle an indemnity against any liability determined by the Treasurer (including any civil liability under the Corporations Act 2001 (Commonwealth)), whether or not the liability relates to a matter referred to in subsection (1). (3) Any money payable under an indemnity or guarantee given under this section must be paid by the Treasurer. (4) Payments made under subsection (3) are charged to the Consolidated Account, which this section appropriates accordingly. 29. Takeover by State of certain obligations (1) This section applies in relation to an obligation (whether contingent or otherwise) of RWWA or a corporate vehicle. (2) The Treasurer may, in the name and on behalf of the State, agree to take over an obligation in connection with a section 8 disposal. (3) If the performance of the obligation was guaranteed by the State, the agreement may also provide for — (a) the release by the State of any security held by the State in connection with the guarantee; or (b) the release of a person from an undertaking that the person gave to the State in relation to any security described in paragraph (a). (4) The Treasurer may authorise the payment of money to discharge an obligation that the State has taken over under subsection (2), whether by terminating the obligation or otherwise. (5) Payments authorised under subsection (4) are charged to the Consolidated Account, which this section appropriates accordingly. Part 4 — Provisions relating to corporate vehicles 30. Application of this Part This Part applies if, for the purposes of a section 8 disposal, a TAB asset is disposed of (whether under a transfer order or otherwise) from RWWA or a corporate vehicle (the disposer) to a corporate vehicle (the acquirer). 31. Acquirer's powers and duties To the extent prescribed by the regulations, the acquirer has the powers, duties, rights and obligations in respect of the TAB asset that the disposer would have had if the disposal had not occurred. 32. Application of written laws to acquirer (1) In this section — applicable written law — (a) means a written law (other than this Act) that applies to or in relation to, or refers to, the disposer; and (b) includes a written law that, by operation of this section, applies to or in relation to, or refers to, the disposer. (2) An applicable written law is taken to apply to or in relation to, or to refer to, the acquirer — (a) to the extent prescribed by the regulations; and (b) with the changes that are prescribed by the regulations or are otherwise necessary or convenient for the purposes of this Part. (3) Without limiting subsection (2), the regulations may provide that a reference in an applicable written law to the disposer that relates to the TAB asset before the disposal occurred is taken to include a reference to the acquirer. Part 5 — Miscellaneous matters 33. Exemption from State tax (1) In this section — State tax includes — (a) duty chargeable under the Duties Act 2008; and (b) any other tax, duty, fee, levy or charge under a law of the State. (2) State tax is not payable in rela