South Australian Current Acts South Australian Current Acts14—Provisions relating to sale/lease agreements
(1) If—
(a) an
electricity corporation or State-owned company has an easement in relation to
electricity infrastructure on, above or under land; and
(b) the
Minister, by a sale/lease agreement, transfers part of the infrastructure, or
grants a lease or other rights in respect of part of the infrastructure, to a
purchaser,
the Minister may, by the sale/lease agreement, transfer to the purchaser
rights conferred by the easement but limited so they operate in relation to
that part of the infrastructure (which rights will be taken to constitute a
separate registrable easement) and may, by a subsequent sale/lease agreement,
transfer to the same or a different purchaser rights conferred by the easement
but limited so they operate in relation to another part of the infrastructure,
whether on, above or under the same part or a different part of the land
(which rights will also be taken to constitute a separate registrable
easement).
(2) A sale/lease
agreement may transfer assets or liabilities (or both) to a
State-owned company, Minister, electricity corporation or any instrumentality
of the Crown or statutory corporation, or the Crown, with effect at the end of
the term of a lease (whether granted by the agreement, a transfer order or
otherwise) or in specified circumstances.
(3) In exercising
powers in relation to assets or liabilities of, or available to, a body other
than the Minister, the Minister is to be taken to be acting as the agent of
the other body.
(4) A sale/lease
agreement effects the transfer and vesting of an asset or liability or shares,
or the grant of a lease, easement or other rights, in accordance with its
terms by force of this Act and despite the provisions of any other law or
instrument.
(5) The transfer of a
liability by a sale/lease agreement operates to discharge the transferor and
the Crown from the liability.
(6) Unless the
sale/lease agreement otherwise provides—
(a) the
transfer of an asset by a sale/lease agreement operates to discharge the asset
from any trust in favour of the Crown;
(b) the
transfer of the shares in an electricity corporation or State-owned company by
a sale/lease agreement operates to discharge the assets of the company from
any trust in favour of the Crown.
(7) If a sale/lease
agreement so provides—
(a) a
security to which a transferred asset is subject ceases to apply to the asset
on its transfer by the sale/lease agreement;
(b) a
security to which a leased asset is subject ceases to apply to the asset on
the grant of the lease by the sale/lease agreement.
(8) A sale/lease
agreement may provide that instruments identified in the agreement, or to be
identified as provided in the agreement, are to be transferred instruments.
(9) If an instrument
is identified in, or under, a sale/lease agreement as a
transferred instrument, the instrument operates, as from a date specified in
the agreement, subject to any modifications specified in the agreement.