New South Wales Consolidated Acts New South Wales Consolidated ActsIn this Act--
"AER" means the Australian Energy Regulator established by the
Competition and Consumer Act 2010 of the Commonwealth.
"assets" means any legal or equitable estate or interest (whether present or
future, whether vested or contingent and whether personal or assignable) in
real or personal property of any description (including money), and includes
securities, choses in action and documents.
"associated electricity network land" --see section 3.
"authorised distributor" --see section 30.
"authorised network operator" --see section 30.
"authorised transaction" --see section 3.
"authorised transmission operator" --see section 30.
"completion" of an authorised transaction occurs on such date as may be
designated by the Treasurer by order in writing as the date of completion of
the authorised transaction.
Designated date of completion of the authorised transaction of TransGrid's electricity network assets: 16.12.2015. See Gazette No 114 of 16.12.2015, p 4085. Designated date of completion of the authorised transaction of Ausgrid's electricity network assets: 1.12.2016. See Gazette No 103 of 1.12.2016, p 3367. Designated date of completion of the authorised transaction of Endeavour Energy's electricity network assets: 14.6.2017. See Gazette No 62 of 14.6.2017, p 2502.
(a) licence, and
(b) agreement to lease or license, and
(c) concurrent lease or licence and any subletting or sublicensing (or concurrent subletting or sublicensing).
(a) any statute of a legislature (whether enacted or made in Australia or elsewhere), and
(b) any proclamation, regulation, rule, by-law, order or any other kind of subordinate legislation (however described) made under the authority of a statute (whether enacted or made in Australia or elsewhere).
Note : A person who is a public sector agency of another jurisdiction is a private sector person for the purposes of this Act.
(a) the State (including the Crown in right of the State),
(b) a Minister,
(c) the Ministerial Holding Corporation constituted by the State Owned Corporations Act 1989 ,
(d) the Electricity Assets Ministerial Holding Corporation,
(e) a Ministerial Holding Corporation established by or under this Act,
(f) a SOC,
(g) a public authority of the State (including a council under the Local Government Act 1993 ),
(h) any other person acting on behalf of the State (or the Crown in right of the State),
(i) a transaction company, but only while all the shares in the transaction company are held by or on behalf of the State or a SOC or the transaction company is the subsidiary of another transaction company all the shares in which are held by or on behalf of the State or a SOC,
(j) a wholly-owned subsidiary of a public sector agency.
Words and expressions used in this Act that are defined in the Electricity Supply Act 1995 have the same meanings as in that Act, except in so far as they are defined differently in this Act or the context or subject-matter otherwise indicates or requires.
In this Act, the
following expressions have the meaning that they have in the Corporations Act
(except where a definition of the expression in this Act otherwise requires)--
"company"
"company limited by shares"
"corporation"
"subsidiary"
"wholly-owned subsidiary"
(1) An interest in or right in respect of electricity network assets that is created for the purposes of an authorised transaction is itself an electricity network asset.
(2) Assets, rights and liabilities that are transferred to a public sector agency for the purposes of an authorised transaction and that were electricity network assets before their transfer remain electricity network assets after their transfer to the public sector agency.
(3) Assets, rights and liabilities cease to be electricity network assets when they are transferred to the private sector for the purposes of an authorised transaction.
(1) A lease does not cease to be a lease of electricity network assets merely because the assets leased cease to be electricity network assets after their transfer by lease to the private sector or because other assets become subject to the lease after it is entered into.
(2) For the purposes of the application of this Act to a lease of electricity network assets--(a) the assets leased remain electricity network assets despite their transfer by lease to the private sector, and(b) any assets that become subject to such a lease pursuant to the terms of the lease or pursuant to a transaction arrangement after the lease is entered into are taken to be electricity network assets.
For the purposes of this Act, any act, matter or thing is done or has effect for the purposes of an authorised transaction if--
(a) it is done or has effect for the purpose of effecting or facilitating an authorised transaction, or
(b) it is done or has effect for any purpose connected with, ancillary or incidental to or consequential on an authorised transaction, or
(c) it is done or has effect for any purpose connected with the vesting of electricity network assets in, or the transfer of staff of an electricity network SOC to, a public sector agency at any time after completion of an authorised transaction, or
(d) it is done or has effect after the completion of an authorised transaction for any purpose that is necessary or convenient in connection with the ongoing operation of or the winding up of the affairs of any electricity network SOC or transaction entity.
(1) The assets, rights and liabilities of a body corporate include the assets, rights and liabilities of a wholly-owned subsidiary of the body corporate and accordingly the following principles apply in the interpretation of this Act--(a) assets, rights and liabilities of a body corporate can be transferred to another person (
"the transferee" ) by a transfer of shares or any other transaction that results in the body corporate becoming a wholly-owned subsidiary of the transferee,(b) assets, rights and liabilities of a body corporate are acquired by (and become assets, rights and liabilities of) a transferee when the body corporate becomes a wholly-owned subsidiary of the transferee.
(2) This clause does not limit the ways in which assets, rights and liabilities can be transferred for the purposes of an authorised transaction and does not prevent the direct transfer of assets, rights and liabilities to a transferee.
If a transaction company is established by the conversion of an electricity network SOC into a company, a reference in a provision of this Act to an employee of an electricity network SOC includes a reference to an employee of the transaction company and a reference in the provision to the electricity network SOC is to be read as a reference to the transaction company.
No compensation is payable in connection with the transfer for the purposes of an authorised transaction of assets, rights or liabilities to a public sector agency (but this does not prevent such a transfer being for consideration).
If this Act provides for an event or other thing to occur on a particular day, that event or thing is taken to occur at the beginning of that day.
Notes included in this Act do not form part of this Act.