Panopean Rail Privatisation Act (2013)

Oceana Bill

Panopean Rail Privatisation Act (2013)

Introduced By: On: Bill Type: Sponsors: Prime Minister Jani Helle 08 / 02 / 2013 Government Bill

Summary/Abstract
An Act with provision for the privatisation of Panopean Rail for an initial period of five (5) years, along with details on remaining State ownership and requirements for privatisation.

Article I General Provisions

Section 1 This Act shall define the terms and details of the privatisation of Panopea Rail. Section 2 The State currently holds one hundred per cent (100%) of the company, rail network, equipment and services. State ownership shall be reduced to no more than five per cent (5%) Section 3 The Government has budgeted A163 million for the purposes of seeking buyers, initial and possible modernization costs, and employee salaries for the next twelve (12) months following the adoption of this Act. Section 4 Company Pensions for current employees of Panopean Rail under currently agreed terms shall be guaranteed for a period of five (5) years from the adoption of this Act. Section 5 The State shall assist in the construction of new rail lines within Panopea, if such is determined to be necessary for the improvement of the rail service in Panopea.

Article II Prerequisites for Privatisation

Section 1 This Act shall levy certain requirements for any entity or group of entities who shall hold more than fifty per cent (50%) of Panopean Rail as a requirement of the privatisation deal. Section 2 The Ministry of Infrastructure and Transport shall confirm any changes to fees and ticket prices, to ensure accessibility to all potential passengers.

Article III State Ownership

Section 1 The State shall remain part owner of Panopean Rail for a period of five (5) years, holding onto five per cent (5%) of the company and fleet. Section 2 After five (5) years, Parliament shall decide whether to sell off the States share, or buy back the company (see Article IV).

Article IV Buy Back Option

Section 1 After five (5) years from the adoption of this Act, Parliament may decide that the State shall buy back the company, or sell off its stake in the company. Section 2 Parliament may only decide to purchase back the company if the company has been Oceana Bill Number 1

Panopean Rail Privatisation Act (2013) shown to have a negative impact on travel in Panopea, has had criminal charges filed against it, or has been found to be acting in a manner disadvantageous to the passengers and employees of the company.

Article IV - Final Provisions

Section 1 If no buyer is found for Panopean Rail within two (2) years of the adoption of this Act, Parliament shall provide further legislation on the future of the rail company and network.

Signed:

Jani Helle

Oceana Bill Number