(1)  The Corporation may only carry out functions for which a licence is required under the Electricity Supply Industry Act 1995 in pursuance of a licence under that Act.

(2)  Despite anything to the contrary in the Government Business Enterprises Act 1995 , the Corporation may only –

(a) deal with or dispose of a prescribed generating plant; or

(b) acquire, deal with or dispose of land –

if the transaction is consented to in writing by the Minister or the Minister's delegate.

(3)  A consent under subsection (2) may relate to a particular transaction or to transactions of a particular class.

(4)  If a consent under subsection (2) relates to a dealing with or disposal of the prescribed generating plant known as the Bell Bay Power Station or land on which that prescribed generating plant is situated, that consent is of no effect until it is approved by both Houses of Parliament.

(5)  For the purposes of subsection (4) , a consent is approved by a House of Parliament –

(a) when the House passes a motion approving the consent; or

(b) at the end of 5 sitting days after the consent was laid before the House if no notice of a motion to disapprove the consent is before the House; or

(c) if such a notice is before the House at the end of that period, when the first of the following occurs:

(i) the notice is withdrawn;

(ii) the motion is negatived;

(iii) a further period of 5 sitting days ends.

(6)  If a consent under subsection (2) relates to a dealing with or disposal of any prescribed generating plant (other than that known as the Bell Bay Power Station) or land on which any prescribed generating plant (other than that known as the Bell Bay Power Station) is situated, that consent is of no effect unless a proposal for that consent has been approved by a majority of the electors voting in a referendum held under the Referendum Procedures Act 1994 .

(7)  Subsections (4) and (6) do not apply in respect of the following dealings or disposals:

(a) a dealing with or disposal of any prescribed generating plant, or land on which the plant is situated, that relates to or arises from the maintenance, repair, replacement or upgrading of the plant;

(b) a dealing with or disposal of any prescribed generating plant, or land on which any prescribed generating plant is situated, that does not result in any significant change to the capacity of the Corporation to generate electricity.

(7A)  Even though any prescribed generating plant, or land on which any prescribed generating plant is situated, is a main undertaking within the meaning of the Government Business Enterprises Act 1995 , section 10(7) of that Act does not apply to that plant or land.

(8)  If an agreement entered into under section 5(2)(f) in respect of Basslink provides to the effect that the Corporation may acquire the whole or a part of Basslink –

(a) subsection (2) does not apply in respect of –

(i) the acquisition of land necessary for the acquisition of the whole or part of Basslink under that agreement; and

(ii) any subsequent dealing in or disposal of that land; and

(b) section 10(7) of the Government Business Enterprises Act 1995 does not apply in respect of the disposal of that land or the whole or part of Basslink acquired under that agreement; and

(c) the Corporation may only acquire or dispose of the whole or a part of Basslink if –

(i) both the Minister and the Minister to whom the administration of the Government Business Enterprises Act 1995 is assigned have agreed, in writing, to that acquisition or disposal; and

(ii) the Minister has tabled in both Houses of Parliament a notice that specifies that the Corporation intends to acquire or dispose of the whole or a part of Basslink, that the Ministers referred to in subparagraph (i) have agreed to the acquisition or disposal and the reasons for their agreement.

(9)  Before agreeing to an acquisition of the whole or part of Basslink under subsection (8)(c)(i) , the Minister and the Minister to whom the administration of the Government Business Enterprises Act 1995 is assigned must be satisfied that the acquisition is consistent with the protection of the operational and financial interests of the Corporation.

(10)  For the purposes of subsection (8) , a notice is tabled in a House of Parliament if –

(a) it is laid before that House; or

(b) if that House is not sitting at the relevant time –

(i) it is provided to the Clerk of that House; and

(ii) it is published in the Gazette .

(11)  An Act that purports to repeal or amend subsection (2) , (4) , (6) , (7) , (12) or (13) , this subsection or the definition of  prescribed generating plant in subsection (13) is of no effect unless the proposal for the repeal or amendment has been approved by a majority of the electors voting in a referendum held under the Referendum Procedures Act 1994 .

(12)  Subsection (11) does not apply to an Act that –

(a) repeals subsection (2) , (4) , (6) , (7) , (11) or (13) or this subsection if the Act enacts a provision substantially similar to the subsection repealed; or

(b) amends subsection (2) , (4) , (6) , (7) , (11) or (13) or this subsection if the amendments enacted do not lessen a majority required by subsection (11) or otherwise substantially alter the effect of the subsection amended.

(13)  In this section,

prescribed generating plant means –

(a) an electricity generating plant (including the structures and equipment to hold water, or to direct, monitor or control the flow of water, for the purposes of hydro-electric generation), as it existed on 30 June 2001, that is specified in Schedule 1 ; and

(b) a part of an electricity generating plant, as it existed on 30 June 2001, referred to in paragraph (a) .