South Australian Current Acts South Australian Current Acts (1) Subject to
subsection (2), a Government guarantee has no application in relation
to—
(a)
transferred liabilities (unless the liabilities are transferred to a public
corporation and the guarantee under section 28 of the Public Corporations
Act 1993 applies or the liabilities are transferred back to the
electricity corporation to whose liabilities the guarantee originally
applied); or
(b)
liabilities of a company that was an electricity corporation or
State-owned company before the shares in the company were transferred to a
purchaser under a sale/lease agreement.
(2) If the Treasurer
declares by order in writing that a Government guarantee continues to apply in
relation to specified liabilities and a specified transferee or company, the
Government guarantee will be taken to continue to apply (indefinitely or for a
period specified in or determined in accordance with the order) to the
liabilities as if the specified transferee or company were the electricity
corporation to whose liabilities the guarantee originally applied.
(3) The Treasurer may,
from time to time, fix charges to be paid by the transferee in respect of a
guarantee continued under this section and determine the times and manner of
their payment.
(4) If a
Government guarantee is continued by an order under this section, the
Treasurer must cause a report to be laid before each House of Parliament not
later than 14 sitting days after the making of the order, giving details of
the guarantee and the liabilities to which the guarantee relates including the
maximum amount that might become payable under the guarantee.
(5) In this
section—
"Government guarantee" means—
(a) a
guarantee under section 28 of the Public Corporations Act 1993 ;
(b) a
guarantee or indemnity given by an electricity corporation;
(c) a
guarantee or indemnity under section 19 of the Public Finance and Audit
Act 1987 .