Australian Capital Territory Numbered Acts

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ELECTRICITY AND WATER (CORPORATISATION) - SCHEDULE 4

    SCHEDULE 4     Section 4

MODIFICATIONS IN RELATION TO ACTEW CORPORATION LIMITED

Interpretation

1. In this Schedule, unless the contrary intention appears—

“Authority” means the former Australian Capital Territory Electricity and Water Authority established by the Electricity and Water Act 1988 ;
“Company” means ACTEW Corporation Limited.

Substitution of section 7

2. Section 7 is to be taken to be replaced by the following section:

Principal objectives of Company

“7. (1) The principal objectives of the Company are to—

        (a)     operate at least as efficiently as any comparable business;

        (b)     maximise the sustainable return to the Territory on its investment in the Company in accordance with the performance targets contained in the latest statement of corporate intent of the Company;

        (c)     exhibit a sense of social responsibility by having regard to the interests of the community in which it operates; and

        (d)     where its activities affect the environment—conduct its operations in compliance with the principles of ecologically sustainable development.

“(2) For the purposes of paragraph (1) (d), ecologically sustainable development is to be taken to require the effective integration of economic and environmental considerations in decision-making processes and to be achievable through implementation of the following principles:

        (a)     the precautionary principle, namely, that if there is a threat of serious or irreversible environmental damage, a lack of full scientific certainty should not be used as a reason for postponing measures to prevent environmental degradation;

        (b)     the inter-generational equity principle, namely, that the present generation should ensure that the health, diversity and productivity of the environment is maintained or enhanced for the benefit of future generations;

        (c)     conservation of biological diversity and ecological integrity;

        (d)     improved valuation and pricing of environmental resources.

“(3) The principal objectives of the Company are of equal importance.”.

Operation of section 14

3. Section 14 applies as if subsection (1) were omitted and the following subsections substituted:

“14. (1) Subject to subsection (1A), a Territory owned corporation or a subsidiary shall not enter into a specified transaction if, as a result of the transaction, a company would or could become a partially owned subsidiary of the Territory owned corporation or subsidiary.

“(1A) Subsection (1) does not apply to the Company.”.

Operation of section 16

4. Section 16 applies as if the following subsection were inserted:

“(4) In this section—

‘subsidiary', in relation to a Territory owned corporation, means a body corporate that under the Corporations Law is a subsidiary of the corporation.”.

Operation of section 30

5. (1) In this section—

“acquired”, in relation to an asset, means an acquisition of the asset for the purposes of Part IIIA of the Commonwealth Act;
“asset” has the same meaning as in Part IIIA of the Commonwealth Act;
“Commonwealth Act” means the Income Tax Assessment Act 1936 of the Commonwealth;
“cost base” has the meaning given by section 160ZH of the Commonwealth Act;
“disposed of”, in relation to an asset, means a disposal of the asset for the purposes of Part IIIA of the Commonwealth Act;
“indexed cost base” has the meaning given by section 160ZH of the Commonwealth Act;
“reduced cost base” has the meaning given by section 160ZH of the Commonwealth Act;
“vested” means vested under section 4 of the Electricity and Water (Corporatisation) (Consequential Provisions) Act 1995 .

(2) For the purposes of section 30, an asset vested in the Company which was acquired by the Authority before 20 September 1985 shall be taken to have been acquired by the Company before that date.

(3) For the purposes of section 30, where an asset vested in the Company—

        (a)     was acquired by the Authority on or after 20 September 1985; and

        (b)     is disposed of by the Company;

the asset shall be taken to have been acquired by the Company at a cost base to the Company equal to the cost base that would have been the cost base, the indexed cost base or the reduced cost base, as the case may be, to the Authority of that asset if the asset had been disposed of by the Authority at the time it was disposed of by the Company.


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