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ELECTRICITY NETWORK ASSETS (AUTHORISED TRANSACTIONS) ACT 2015 - SECT 12
Residual Liabilities Fund
(1) There is to be established in the Special Deposits Account a fund called
the Electricity Network Residual Liabilities Fund (
"the Residual Liabilities Fund" ), which is to be administered by the
Treasurer.
(2) There is payable into the Residual Liabilities Fund-- (a) such
amount as the Treasurer directs to be paid out of the transaction proceeds
under section 11, and
(b) interest and any other amounts accruing from time
to time from the investments of the Residual Liabilities Fund.
(3) There is
payable from the Residual Liabilities Fund such amounts as the Treasurer
directs from time to time-- (a) for payment in discharge of any liabilities of
a public sector agency that arise in connection with an authorised transaction
or electricity network assets (
"residual transaction liabilities" ), or
(b) for payment to the Consolidated
Fund or the Restart Fund, or
(c) for payment of expenses incurred in relation
to the administration of the Residual Liabilities Fund.
(4) For the purposes
of this section, assets, rights and liabilities do not cease to be electricity
network assets when they are transferred to the private sector for the
purposes of an authorised transaction.
(5) The Treasurer may invest money in
the Residual Liabilities Fund in any way that the Treasurer considers
appropriate.
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