Airports (Transitional) Act 1996

Airports (Transitional) Act 1996: A compilation of the law as amended and in force on 21 February 2018, shows the text of the law relating to the leasing of airports. The Act provides for the transfer of airport land and assets from the Federal Airports Corporation (FAC) to the Commonwealth. Airport land and other assets will be transferred from the FAC to the Commonwealth, and immediately after the grant of the airport lease, the Commonwealth may transfer or lease certain assets to the airport-lessee company. Certain employees, assets, contracts, and liabilities of the FAC will also be transferred to the airport-lessee company.

The Act makes provisions for the transfer of land from the FAC to the Commonwealth, including declarations that vest the FAC's right, title, and interest in specified land in the Commonwealth without any conveyance or assignment. It also provides for the transfer of other assets from the FAC to the Commonwealth, including instruments relating to those assets.

The Act includes provisions for the operation of the airport-lessee company, including the grant of an airport lease, the transfer of employees, and the provision of airport services. The Act also makes provisions for the transfer of staff from the FAC to the airport-lessee company, including the declaration of transfer time and the transfer of liabilities.

The Act applies to all external Territories and extends to acts, omissions, matters, and things outside Australia, whether or not in a foreign country. It includes special tax rules, exemption from stamp duty and other taxes, and special income tax rules for airport-lessee companies.

The Act does not modify registers kept by land registration officials and declarations that are contingent on the grant of an airport lease may be varied or revoked before the grant. The Act also provides for compensation in relation to constitutional safety-net provisions and does not authorise the imposition of taxation.