New South Wales Consolidated Acts

GAS INDUSTRY RESTRUCTURING ACT 1986 - SECT 73

73 Vesting of gas supply arrangements in transferee

(1) When any gas supply arrangement, gas or other asset, right or liability is transferred by a section 72 order, the following provisions have effect:

(a) any such gas or other asset vests in the transferee company by virtue of this section and without the need for any conveyance, transfer, assignment or assurance,

(b) any such right or liability, and any right or liability of the transferor company under or in connection with:

(i) any such gas supply arrangement, or

(ii) any such gas, or

(iii) any such other asset,

becomes, by virtue of this section, the right or liability of the transferee company,

(c) all proceedings relating to:

(i) any such gas supply arrangement, or

(ii) any such gas, or

(iii) any such other asset, right or liability,

that were commenced before the transfer by or against the transferor company or a predecessor of the transferor company and pending immediately before the transfer are taken to be proceedings pending by or against the transferee company,

(d) any act, matter or thing that was done or omitted to be done in relation to:

(i) any such gas supply arrangement, or

(ii) any such gas, or

(iii) any such other asset, right or liability,

before the transfer by, to or in respect of the transferor company is (to the extent to which that act, matter or thing has any force or effect) taken to have been done or omitted by, to or in respect of the transferee company.

(2) The operation of this section is not to be regarded:

(a) as a breach of contract or confidence or otherwise as a civil wrong, or

(b) as a breach of any contractual provision prohibiting, restricting or regulating the assignment or transfer of:

(i) any gas supply arrangement, or

(ii) any gas, or

(iii) any other asset, right or liability, or

(c) as giving rise to any remedy by a party to an instrument, or as causing or permitting the termination of any instrument, because of a change in the beneficial or legal ownership of:

(i) any gas supply arrangement, or

(ii) any gas, or

(iii) any other asset, right or liability.

(3) The operation of this section is not to be regarded as an event of default under any contract or other instrument.

(4) A transfer is subject to the terms and conditions of the section 72 order by which it is effected.

(5) No compensation is payable to any person or body in connection with a transfer effected by a section 72 order except to the extent (if any) to which the order so provides.