South Australian Current Acts South Australian Current Acts13—Disposal of electricity assets and limitations on disposal
(1) The Crown, an
instrumentality of the Crown or a statutory corporation must not sell or
transfer prescribed electricity assets.
(2) If a prescribed
company or a subsidiary of a prescribed company owns prescribed electricity
assets, shares in the prescribed company—
(a) must
not be issued; or
(b) if
owned by an instrumentality of the Crown or a statutory corporation—must
not be sold or transferred.
(3) Subject to the
limitations under subsections (1) and (2), the Minister may by agreement
(a "sale/lease agreement") with another
(the "purchaser") do one or more of the following:
(a)
transfer to the purchaser assets or liabilities (or both) of an
electricity corporation;
(b)
grant to the purchaser a lease, easement or other rights in respect of assets
of or available to an electricity corporation;
(c)
transfer to the purchaser assets or liabilities (or both) of a
State-owned company;
(d)
transfer to the purchaser shares in a State-owned company;
(e)
grant to the purchaser a lease, easement or other rights in respect of assets
of or available to a State-owned company;
(f)
transfer to the purchaser assets or liabilities (or both) that have been
acquired by a Minister, any instrumentality of the Crown or a statutory
corporation under this Act;
(g)
grant to the purchaser a lease, easement or other rights in respect of assets
that have been acquired by a Minister, any instrumentality of the Crown or a
statutory corporation under this Act.
(4)
Subsections (1) and (2) do not apply to—
(a) the
sale or transfer of prescribed electricity assets to the Crown, an
instrumentality of the Crown or a statutory corporation;
(b) the
issuing, sale or transfer of shares to an instrumentality of the Crown or a
statutory corporation;
(c) the
sale or disposal of prescribed electricity assets in the ordinary course of
the maintenance, repair, replacement or upgrading of equipment;
(d) the
exercise by a person other than the Crown, an instrumentality of the Crown or
a statutory corporation of a right under an instrument executed before 17
November 1998;
(e) the
performance by the Crown, an instrumentality of the Crown or a
statutory corporation of an obligation under an instrument executed before 17
November 1998.
(5) The Minister must
cause a copy of each relevant long term lease, and a prescribed report
relating to the lease, to be laid before each House of Parliament—
(a) not
later than 14 sitting days after the end of two years from the date on which
the first relevant long term lease was made; or
(b) if,
before the end of the period referred to in paragraph (a), sale/lease
agreements have been made providing for the disposal of all
prescribed electricity assets of or available to an electricity corporation,
State-owned company, Minister or any instrumentality of the Crown or statutory
corporation (whether by the granting of a lease or the disposal of
shares)—not later than 14 sitting days after the date on which the last
such sale/lease agreement was made.
(6) In this
section—
"prescribed company" means a company any of the shares in which are owned by
an instrumentality of the Crown or a statutory corporation other than as a
passive investment only;
"prescribed electricity assets" means any of the following situated in South
Australia:
(a)
electricity generating plant (other than plant with a generating capacity of
less than 10 MW);
(b)
powerlines (within the meaning of the Electricity Act 1996 );
(c)
substations for converting, transforming or controlling electricity;
(d) land
on which infrastructure of a kind referred to in paragraph (a) or (c) is
situated,
but does not include anything excluded from the ambit of the definition by
resolution passed by each House of Parliament;
"prescribed report", in relation to a relevant long term lease, means a report
prepared at the request of the Minister—
(a)
summarising the principal features of the lease and any related sale/lease
agreement or other transaction; and
(b)
stating, in present value terms, the total amount paid or to be paid to the
State under or in connection with the lease and any related sale/lease
agreement or other transaction;
"relevant lease" means—
(a) a
lease granted by a sale/lease agreement; or
(b) a
lease granted by a transfer order the lessee under which is a company that has
been acquired by a purchaser under a sale/lease agreement;
"relevant long term lease" means a relevant lease that confers a right to the
use or possession of the assets for a term extending to a time, or commencing,
more than 25 years after the making of the lease;
"right" includes a contingent or future right.