CLEAN ENERGY ACT 2011 (NO. 131, 2011) - SECT 54 Effect of surrender or cancellation of OTN--grace period for quotation in relation to a single supply

CLEAN ENERGY ACT 2011 (NO. 131, 2011) - SECT 54

Scope

             (1)  This section applies if:

                     (a)  a person's OTN is surrendered or cancelled; and

                     (b)  immediately before the surrender or cancellation took effect, a quotation of the person's OTN was in effect in relation to a single supply; and

                     (c)  the quotation had been accepted by the natural gas supplier to whom the quotation was made.

Grace period

             (2)  If the supply occurs during:

                     (a)  the 28-day period beginning when the surrender or cancellation took effect; or

                     (b)  if the person and the natural gas supplier agree on a shorter period beginning when the surrender or cancellation took effect--that shorter period;

this Act has effect, in relation to the supply, as if the person had:

                     (c)  held an OTN; and

                     (d)  quoted the OTN in relation to the supply.