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PARLIAMENT OF VICTORIA
Snowy Hydro Corporatisation Act 1997
Act No.
TABLE OF PROVISIONS
Clause Page
PART 1--PRELIMINARY 1
1. Purpose 1
2. Commencement 2
3. Definitions 2
4. Operation of Act 4
5. Act binds the Crown 5
PART 2--SNOWY HYDRO COMPANY 6
6. Shares of State in Company 6
7. Referral of power to the Parliament of Commonwealth 6
8. Company and subsidiaries not agency of State etc. 7
9. Tax equivalents payable by New South Wales 7
10. Government guarantees 8
PART 3--TRANSFERS 9
Division 1--Transfer of existing Snowy hydro undertaking to
Company 9
11. Transfer to Company of assets and liabilities of Snowy
Mountains Hydro-electric Authority 9
12. Transfer to Company of assets and liabilities of the State of
Victoria 10
13. Agreement relating to Commonwealth debt 10
Division 2--Transfer of electricity transmission undertaking to
TransGrid 11
14. Transfer to TransGrid of existing Snowy electricity transmission
undertaking 11
Division 3--Transfer of existing staff 11
15. Transfer to Company of employees of Authority 11
16. Transfer to Company of certain SECV employees 12
17. Variations of terms and conditions of employment 14
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Clause Page
PART 4--MISCELLANEOUS 15
18. Sharing of land tax with Commonwealth and Victoria 15
19. Treasurer may execute agreements on behalf of State 15
20. Exemption from State taxation 15
21. Exemption from Corporations Law 17
22. Amendment of Register 17
23. Company's financial statements and reports to be laid before the
Parliament 17
24. Regulations 18
PART 5--REPEALS, CONSEQUENTIAL AMENDMENTS AND
TRANSITIONAL 19
25. Repeal of Snowy Mountains Hydro-electric Agreements Act
1958 19
26. Electricity Industry Act 1993 19
27. Repeal of spent Act 19
28. Termination and amendment of certain existing agreements
relating to Snowy Mountains Scheme 19
29. Authority and Council abolished 20
30. Savings, transitional and other provisions 20
------------------
SCHEDULES 21
SCHEDULE 1--Provisions relating to transfer of undertakings 21
SCHEDULE 2--Savings, transitional and other provisions 25
NOTES 27
ii
531131B.I1-12/9/97
PARLIAMENT OF VICTORIA
A BILL
to corporatise the Snowy Mountains Hydro-electric Authority in
accordance with arrangements made between the Commonwealth,
New South Wales and Victoria, to repeal the Snowy Mountains
Hydro-electric Agreements Act 1958 and the Snowy Mountains
Engineering Corporation (Victoria) Act 1971 and for other
purposes.
Snowy Hydro Corporatisation Act 1997
The Parliament of Victoria enacts as follows:
PART 1--PRELIMINARY
1. Purpose
The purpose of this Act is to reform the Snowy
Mountains Hydro-electric Scheme by
5 corporatising the Snowy Mountains Hydro-
1
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Snowy Hydro Corporatisation Act 1997
s. 2
Act No.
electric Authority and making related changes to
the Scheme.
2. Commencement
(1) This Part comes into operation on the day on
5 which this Act receives the Royal Assent.
(2) Section 26(2) is deemed to have come into
operation on 9 August 1995.
(3) The remaining provisions of this Act come into
operation on a day or days to be proclaimed.
10 3. Definitions
(1) In this Act--
"assets" means any legal or equitable estate or
interest (whether present or future and
whether vested or contingent) in real or
15 personal property of any description, and
includes--
(a) money, securities, choses in action and
documents; and
(b) rights, powers, privileges and
20 immunities (whether present or future
and whether vested or contingent),
except any immunity or privilege of the
Crown in any capacity;
"Commonwealth Corporatisation Act" means
25 the Snowy Hydro Corporatisation Act 1997
of the Commonwealth;
"corporatisation date" means the date on which
the Snowy Mountains Hydro-electric Power
Act 1949 of the Commonwealth is repealed
30 by the Commonwealth Corporatisation Act;
"existing Snowy electricity transmission
undertaking" means the assets and
liabilities of the Snowy Mountains Hydro-
2
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Snowy Hydro Corporatisation Act 1997
s. 3
Act No.
electric Authority, the Snowy Mountains
Council, the Commonwealth, the State of
New South Wales, the State of Victoria, or
authorities of the Commonwealth or any
5 such State, that are transferred to TransGrid
by orders under this Act, the Commonwealth
Corporatisation Act or the New South Wales
Corporatisation Act;
"existing Snowy hydro undertaking" means--
10 (a) the assets and liabilities of the Snowy
Mountains Hydro-electric Authority
and the Snowy Mountains Council that
are transferred to the Snowy Hydro
Company by this Act or by the
15 Commonwealth Corporatisation Act or
the New South Wales Corporatisation
Act; and
(b) the assets and liabilities of the
Commonwealth, the State of New
20 South Wales, the State of Victoria, or
authorities of the Commonwealth or
any such State, that are transferred to
the Snowy Hydro Company by orders
under this Act, the Commonwealth
25 Corporatisation Act or the New South
Wales Corporatisation Act;
"liabilities" means any liabilities, debts and
obligations (whether present or future and
whether vested or contingent);
30 "New South Wales Corporatisation Act" means
the Snowy Hydro Corporatisation Act 1997
of New South Wales;
"share", in relation to a company, means a share
in the capital of the company;
3
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Snowy Hydro Corporatisation Act 1997
s. 4
Act No.
"Snowy Hydro Company" or "Company"
means the company incorporated or to be
incorporated under the Corporations Law of
New South Wales by the name Snowy Hydro
5 Limited;
"Snowy hydro-group company" means the
Snowy Hydro Company or a subsidiary of
that Company;
"Snowy Mountains Council" means the Snowy
10 Mountains Council referred to in Part VI of
the agreement set out in Schedule 1 to the
Snowy Mountains Hydro-electric Power Act
1949 of the Commonwealth;
"Snowy Mountains Hydro-electric Authority"
15 or "Authority" means the Snowy
Mountains Hydro-electric Authority referred
to in the Snowy Mountains Hydro-electric
Power Act 1949 of the Commonwealth;
"transferred employee" means a person who,
20 under Division 3 of Part 3, is taken to have
been engaged as an employee of the Snowy
Hydro Company;
"TransGrid" means the New South Wales
Electricity Transmission Authority
25 constituted under the Electricity
Transmission Authority Act 1994 of New
South Wales.
(2) For the purposes of this Act, the question of
whether a body corporate is a subsidiary of
30 another body corporate is to be determined in the
same way as that question is determined under the
Corporations Law.
4. Operation of Act
It is the intention of the Parliament that this Act--
4
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Snowy Hydro Corporatisation Act 1997
s. 5
Act No.
(a) is to operate concurrently with the
Commonwealth and New South Wales
Corporatisation Acts; and
(b) is to have effect only to the extent to which it
5 is within the legislative power of the
Parliament.
5. Act binds the Crown
This Act binds the Crown not only in right of
Victoria but also, so far as the legislative power of
10 the Parliament permits, the Crown in all its other
capacities.
_______________
5
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s. 6
Act No.
PART 2--SNOWY HYDRO COMPANY
6. Shares of State in Company
(1) The State of Victoria may acquire, hold, dispose
of or deal with shares in the Snowy Hydro
5 Company.
(2) Shares in the Snowy Hydro Company held by the
State of Victoria, being the initial issue to the
State of shares in the Company--
(a) are taken to have been fully paid up; and
10 (b) are taken to have been issued for valuable
consideration, being the relevant percentage
of the value of the existing Snowy hydro
undertaking.
(3) For the purposes of this section--
15 (a) the value of the existing Snowy hydro
undertaking is the value determined by
agreement between the State of New South
Wales, the Commonwealth and the State of
Victoria; and
20 (b) the relevant percentage of that value is the
percentage of all issued shares in the Snowy
Hydro Company that are shares initially
issued to the State of Victoria.
7. Referral of power to the Parliament of
25 Commonwealth
(1) The matter of the Commonwealth of Australia
holding shares in the Snowy Hydro Company, to
the extent to which it is not otherwise included in
the legislative powers of the Parliament of the
30 Commonwealth, is referred to the Parliament of
the Commonwealth for a period commencing on
the day on which this section commences and
ending on the day fixed under sub-section (2) as
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s. 8
Act No.
the day on which the reference under this section
terminates, but no longer.
(2) The Governor in Council may, at any time, by
Order published in the Government Gazette, fix a
5 day as the day on which the reference under this
section terminates.
(3) In this section, a reference to holding shares
includes a reference to acquiring, disposing of or
dealing with those shares.
10 8. Company and subsidiaries not agency of State etc.
(1) A Snowy hydro-group company is not, and does
not represent, the State of Victoria.
(2) Without limiting the generality of sub-section (1),
a Snowy hydro-group company--
15 (a) is not an instrumentality or agency of the
State of Victoria; and
(b) is not entitled to any immunity or privilege
of the State of Victoria; and
(c) is not a public authority for any purpose and
20 is taken not to have been constituted or
established for a public purpose or for a
purpose of the State of Victoria.
(3) This section has effect subject to any express
provision to the contrary made by any law of
25 Victoria.
9. Tax equivalents payable by New South Wales
(1) The Treasurer may make an agreement with the
Treasurer of New South Wales for the payment to
Victoria of such proportion of a payment made by
30 the Snowy Hydro Company under section 9 of the
New South Wales Corporatisation Act as is equal
to the proportion of the shares in the Company
held by Victoria during the period in respect of
which the payment is made.
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Snowy Hydro Corporatisation Act 1997
s. 10
Act No.
(2) The Treasurer may approve the nomination by the
Premier of New South Wales of a person to be the
Tax Assessor for the Snowy Hydro Company for
the purposes of section 9 of the New South Wales
5 Corporatisation Act.
10. Government guarantees
(1) The liabilities of a Snowy hydro-group company
are not guaranteed by the State of Victoria.
(2) However, the State of Victoria may agree to
10 guarantee obligations of a Snowy hydro-group
company with respect to any debt owed by a
Snowy hydro-group company to the
Commonwealth on the corporatisation date until
the debt is repaid.
15 (3) Any liability arising from any such agreed
guarantee is to be met out of the Consolidated
Fund, which is appropriated accordingly.
(4) Any such agreed guarantee may provide for
charges to be paid by a Snowy hydro-group
20 company for the benefit of the guarantee.
_______________
8
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Snowy Hydro Corporatisation Act 1997
s. 11
Act No.
PART 3--TRANSFERS
Division 1--Transfer of existing Snowy hydro undertaking
to Company
11. Transfer to Company of assets and liabilities of
5 Snowy Mountains Hydro-electric Authority
(1) Subject to this section, the assets and liabilities of
the Snowy Mountains Hydro-electric Authority,
immediately before the corporatisation date, are
transferred to the Snowy Hydro Company.
10 (2) The assets and liabilities transferred by this
section include the assets and liabilities (if any) of
the Snowy Mountains Council. For the purposes
of this Act, any such assets and liabilities are
taken to be the assets and liabilities of the Snowy
15 Mountains Hydro-electric Authority.
(3) The liabilities transferred by this section include
any liability, immediately before the
corporatisation date, arising from the works
constructed or the activities carried out (or
20 purporting to be constructed or carried out) under
the agreements terminated by section 28(1) (being
a liability of the Authority, the Commonwealth,
the State of New South Wales, the State of
Victoria or any authority of the Commonwealth or
25 any such State). For the purposes of this Act, any
such liability is taken to be a liability of the
Authority.
(4) The assets and liabilities transferred by this
section do not include the assets and liabilities
30 that are transferred to TransGrid by an order under
section 14.
(5) The assets transferred by this section do not
include stored water.
9
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Snowy Hydro Corporatisation Act 1997
s. 12
Act No.
(6) Schedule 1 applies to the transfer of assets and
liabilities under this section.
12. Transfer to Company of assets and liabilities of the
State of Victoria
5 (1) The Minister may, by order in writing and in
accordance with an agreement between the
Commonwealth and the States of New South
Wales and Victoria, direct that such assets or
liabilities of the State of Victoria relating to the
10 Snowy Mountains Hydro-electric Scheme
(including those relating to the trading of
electricity generated by that Scheme), as are
specified or referred to in the order, be transferred
to the Snowy Hydro Company.
15 (2) An order under this section may be combined with
an order under the Commonwealth
Corporatisation Act or the New South Wales
Corporatisation Act that transfers assets or
liabilities to the Snowy Hydro Company.
20 (3) Schedule 1 applies to an order under this section.
13. Agreement relating to Commonwealth debt
(1) The State of Victoria may enter into an agreement
with the Commonwealth and the State of New
South Wales with respect to liabilities of the
25 Authority to the Commonwealth that are to be
transferred to the Snowy Hydro Company on the
corporatisation date and with respect to the
discharge of those liabilities.
(2) The agreement may contain any related provisions
30 (including guarantees) that are considered
appropriate.
10
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Snowy Hydro Corporatisation Act 1997
s. 14
Act No.
Division 2--Transfer of electricity transmission undertaking
to TransGrid
14. Transfer to TransGrid of existing Snowy electricity
transmission undertaking
5 (1) The Minister may, by order in writing and in
accordance with an agreement between the
Commonwealth and the States of New South
Wales and Victoria, direct that such assets or
liabilities of the Snowy Mountains Hydro-electric
10 Authority, of the State of Victoria or of an
authority of that State relating to the transmission
of electricity generated by the Snowy Mountains
Hydro-electric Scheme, as are specified or
referred to in the order, be transferred to
15 TransGrid.
(2) The consideration for the transfer, and the value,
of the existing Snowy electricity transmission
undertaking (and any other matter concerning the
transfer) may be determined by agreement
20 between the State of New South Wales, the
Commonwealth and the State of Victoria.
(3) An order under this section may be combined with
an order under the Commonwealth
Corporatisation Act or the New South Wales
25 Corporatisation Act that transfers assets or
liabilities to TransGrid.
(4) Schedule 1 applies to an order under this section.
Division 3--Transfer of existing staff
15. Transfer to Company of employees of Authority
30 (1) A person who was an employee of the Snowy
Mountains Hydro-electric Authority immediately
before the corporatisation date is taken--
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s. 16
Act No.
(a) to have ceased to be employed by the
Authority immediately before that date; and
(b) to have been engaged by the Snowy Hydro
Company as an employee of the Company
5 with effect on and from that date; and
(c) to have been so engaged on the terms and
conditions on which the Commonwealth
Corporatisation Act declares, or purports to
declare, the employee to have been so
10 engaged by the Company; and
(d) to have accrued an entitlement to benefits, in
connection with that engagement by the
Company, that is equivalent to the
entitlement that the person had accrued, as
15 an employee of that Authority, immediately
before that date.
(2) The service of a transferred employee as an
employee of the Company is taken for all
purposes to have been continuous with the service
20 of the employee, immediately before the
corporatisation date, as an employee of the
Authority.
(3) A transferred employee is not entitled to receive
any payment or other benefit merely because he or
25 she stopped being an employee of the Authority as
a result of this section or of any other provision of
this Act or the Commonwealth Corporatisation
Act.
(4) An auditor of the Authority does not, because of
30 the operation of this Act, become an auditor of the
Company.
(5) This section has effect subject to this Division.
16. Transfer to Company of certain SECV employees
(1) The Minister may, by order, declare that a
35 specified employee of the State Electricity
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s. 16
Act No.
Commission of Victoria who was, immediately
before the corporatisation date, seconded to the
Snowy Mountains Hydro-electric Authority or
working on the Snowy Mountains Hydro-electric
5 Scheme or employed in connection with the
trading of electricity generated by the Scheme is
taken--
(a) to have ceased to be employed by that
Commission immediately before that date;
10 and
(b) to have been engaged by the Snowy Hydro
Company as an employee of that Company
with effect on and from that date; and
(c) to have been so engaged on the same terms
15 and conditions as those that applied to the
person, immediately before that date, as an
employee of that Commission; and
(d) to have accrued an entitlement to benefits, in
connection with that engagement by that
20 Company, that is equivalent to the
entitlement that the person had accrued, as
an employee of that Commission,
immediately before that date.
(2) An order under this section has effect according to
25 its tenor.
(3) The service of a transferred employee as an
employee of the Company is taken for all
purposes to have been continuous with the service
of the employee, immediately before the
30 corporatisation date as an employee of the State
Electricity Commission of Victoria.
(4) A transferred employee is not entitled to receive
any payment or other benefit merely because he or
she stopped being an employee of the State
13
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Snowy Hydro Corporatisation Act 1997
s. 17
Act No.
Electricity Commission of Victoria as a result of
an order under this section.
(5) This section has effect subject to this Division.
17. Variations of terms and conditions of employment
5 (1) This Division does not prevent the terms and
conditions of a transferred employee's
employment after the corporatisation date from
being varied--
(a) in accordance with those terms and
10 conditions; or
(b) by or under a law, award, determination or
agreement.
(2) In this section--
"vary", in relation to terms and conditions,
15 includes--
(a) omitting any of those terms and
conditions; or
(b) adding to those terms and conditions;
or
20 (c) substituting new terms and conditions
for any of those terms and conditions.
_______________
14
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Snowy Hydro Corporatisation Act 1997
s. 18
Act No.
PART 4--MISCELLANEOUS
18. Sharing of land tax with Commonwealth and Victoria
(1) The State of Victoria may enter into an agreement
with the State of New South Wales with respect to
5 the payment to the State of Victoria of a requisite
proportion of land tax paid to the State of New
South Wales by the Snowy Hydro Company.
(2) The requisite proportion is the proportion of
shares in the Company held by the State of
10 Victoria during the relevant period for which the
land tax was paid.
19. Treasurer may execute agreements on behalf of State
The Treasurer may execute, on behalf of the State
of Victoria, any agreement that the State is
15 authorised to enter into by this Act or any other
agreement that is necessary or convenient to give
effect to the purpose of this Act.
20. Exemption from State taxation
(1) In this section--
20 "exempt matter" means--
(a) the issue or transfer of shares in the
Snowy Hydro Company to the
Commonwealth or to the State of New
South Wales or Victoria (or to any
25 person acting on behalf of the
Commonwealth or any such State); or
(b) the operation of the provisions of this
Act, the Commonwealth
Corporatisation Act and the New South
30 Wales Corporatisation Act relating to
the transfer of assets and liabilities to
the Snowy Hydro Company or
TransGrid; or
15
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Snowy Hydro Corporatisation Act 1997
s. 20
Act No.
(c) an agreement referred to in section 20
or any agreement under the
Commonwealth Corporatisation Act or
the New South Wales Corporatisation
5 Act to which the Commonwealth or the
State of New South Wales is a party; or
(d) a debt of the Snowy Hydro Company to
the Commonwealth at the
corporatisation date (including the
10 refinancing of such a debt); or
(e) giving effect to any of the above;
"State tax" means stamp duty and any other tax,
duty, fee, levy or charge payable under the
law of Victoria.
15 (2) State tax is not payable in relation to--
(a) an exempt matter; or
(b) anything done (including, for example, a
transaction entered into or an instrument or
oral agreement made, executed, lodged or
20 given) because of, or for a purpose
connected with or arising out of, an exempt
matter.
(3) The Treasurer, or a person authorised by the
Treasurer, may, in writing, certify whether--
25 (a) a particular matter or thing is an exempt
matter; or
(b) a particular thing was done (including, for
example, a transaction entered into or an
instrument or oral agreement made,
30 executed, lodged or given) because of, or for
a purpose connected with or arising out of, a
particular exempt matter.
(4) For all purposes and in all proceedings, a
certificate under sub-section (3) is conclusive
16
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Snowy Hydro Corporatisation Act 1997
s. 21
Act No.
evidence of the matter certified, except to the
extent (if any) to which the contrary is proved.
(5) Unless the contrary is proved, a document
purporting to be a certificate under sub-section (3)
5 is taken to be such a certificate and to have been
duly signed.
21. Exemption from Corporations Law
Section 205 and Part 3.2A of the Corporations
Law do not apply in relation to--
10 (a) any debt to the Commonwealth, or other
liability, acquired by the Snowy Hydro
Company (or the giving of any related
security) in accordance with this Act or the
Commonwealth Corporatisation Act or the
15 New South Wales Corporatisation Act or any
agreement under any such Act; or
(b) the acquisition of initial shares in the
Company by the Commonwealth or the State
of New South Wales or Victoria.
20 22. Amendment of Register
(1) The Registrar of Titles, on being requested to do
so and on delivery of any relevant certificate of
title or instrument and certificate of the chief
executive officer of the Snowy Hydro Company,
25 must make any amendments in the Register that
are necessary because of the operation of this Act.
(2) The Registrar-General must make all entries on
the records of enrolment of any Crown grant and
on any memorial relating to land that are
30 necessary because of the operation of this Act.
23. Company's financial statements and reports to be laid
before the Parliament
(1) This section applies when, under the Corporations
Law, the Snowy Hydro Company sends to--
17
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Snowy Hydro Corporatisation Act 1997
s. 24
Act No.
(a) the State of Victoria as the holder of shares
in the Company; or
(b) a person who holds shares in the Company
as nominee for the State--
5 copies of the documents required by the
Corporations Law to be laid before a particular
annual general meeting of the Company.
(2) The Treasurer must, as soon as practicable, cause
to be laid before each House of the Parliament
10 copies of the documents referred to in sub-section
(1) (whether made from the copies first referred to
in sub-section (1) or otherwise).
24. Regulations
(1) The Governor in Council may make regulations
15 for or with respect to any matter or thing required
or permitted by this Act to be prescribed or
necessary to be prescribed to give effect to this
Act.
(2) The regulations may create offences punishable
20 by a penalty not exceeding 10 penalty units.
_______________
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Snowy Hydro Corporatisation Act 1997
s. 25
Act No.
PART 5--REPEALS, CONSEQUENTIAL AMENDMENTS AND
TRANSITIONAL
25. Repeal of Snowy Mountains Hydro-electric
Agreements Act 1958
5 The Snowy Mountains Hydro-electric
Agreements Act 1958 is repealed.
26. Electricity Industry Act 1993
(1) In section 3(1) of the Electricity Industry Act
1993, in the definition of "excluded property",
10 sub-paragraph (ii) of paragraph (a) is repealed.
(2) After section 162(2)(b) of the Electricity
Industry Act 1993 insert "and".
(3) After section 162(2AA) of the Electricity
Industry Act 1993, insert--
15 "(2AB) The Office does not have to be satisfied
as to the matter specified in sub-section
(2)(d) if the applicant is the Snowy
Hydro Company within the meaning of
the Snowy Hydro Corporatisation
20 Act 1997.".
27. Repeal of spent Act
The Snowy Mountains Engineering
Corporation (Victoria) Act 1971 is repealed.
28. Termination and amendment of certain existing
25 agreements relating to Snowy Mountains Scheme
(1) The agreements set out in the First and Second
Schedules to the Snowy Mountains Hydro-
electric Agreements Act 1958 are terminated on
the corporatisation date.
30 (2) The termination of the agreements referred to in
sub-section (1) extinguishes the rights and
obligations of the parties under the agreements.
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s. 29
Act No.
(3) An exemption (if any) arising under the
agreements referred to in sub-section (1) from any
written or unwritten laws of the Commonwealth,
New South Wales or Victoria is terminated on the
5 corporatisation date and is not transferred by or
under this Act, the Commonwealth
Corporatisation Act or the New South Wales
Corporatisation Act.
(4) A right (if any) arising under an agreement
10 referred to in sub-section (1) to collect, divert,
store, use or release water or to generate or supply
electricity is terminated on the corporatisation
date and is not transferred by or under this Act,
the Commonwealth Corporatisation Act or the
15 New South Wales Corporatisation Act.
(5) Sub-section (4) is enacted to avoid doubt.
29. Authority and Council abolished
On the corporatisation date--
(a) the Snowy Mountains Hydro-electric
20 Authority is abolished; and
(b) the Snowy Mountains Council is
abolished--
to the extent that they were, immediately before
that date, constituted or recognised as legal
25 entities by any Act.
30. Savings, transitional and other provisions
Schedule 2 has effect.
_______________
20
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Sch. 1
Act No.
SCHEDULES
SCHEDULE 1
PROVISIONS RELATING TO TRANSFER OF
UNDERTAKINGS
5 1. Definitions
"corresponding law" means the Commonwealth
Corporatisation Act or the New South Wales
Corporatisation Act;
"transfer instrument", see clause 2;
10 "transferee" means the person or body to whom any assets
or liabilities are transferred by a transfer instrument to
which this Schedule applies;
"transferor" means the person or body from whom any
assets or liabilities are transferred by a transfer
15 instrument to which this Schedule applies.
2. Application
This Schedule applies to the following instruments--
(a) section 11 of this Act and a provision of the
Commonwealth Corporatisation Act or the New
20 South Wales Corporatisation Act transferring assets
and liabilities of the Authority to the Snowy Hydro
Company;
(b) an order under section 12 of this Act transferring
assets or liabilities of the State of Victoria to the
25 Snowy Hydro Company;
(c) an order under a provision of the Commonwealth
Corporatisation Act transferring assets or liabilities of
the Commonwealth to the Snowy Hydro Company;
(d) an order under a provision of the New South Wales
30 Corporatisation Act transferring assets or liabilities of
the State of New South Wales to the Snowy Hydro
Company;
(e) an order under section 14 of this Act transferring
assets or liabilities of the Authority or the State of
35 Victoria or an authority of the State to TransGrid;
21
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Sch. 1
Act No.
(f) an order under a provision of the Commonwealth
Corporatisation Act transferring assets or liabilities of
the Authority or the Commonwealth to TransGrid;
(g) an order under a provision of the New South Wales
5 Corporatisation Act transferring assets or liabilities of
the Authority, the State of New South Wales or an
authority of that State to TransGrid.
3. Vesting of undertaking in transferee
When any assets or liabilities are transferred by a transfer
10 instrument to which this Schedule applies, the following
provisions have effect (subject to the transfer instrument)--
(a) those assets of the transferor vest in the transferee by
this Schedule and without the need for any
conveyance, transfer, assignment or assurance;
15 (b) those liabilities of the transferor become by virtue of
this Schedule the liabilities of the transferee;
(c) all proceedings relating to those assets or liabilities
begun before the transfer by or against the transferor
or a predecessor of the transferor and pending
20 immediately before the transfer are taken to be
proceedings pending by or against the transferee;
(d) any act, matter or thing done or omitted to be done in
relation to those assets or liabilities before the transfer
by, to or in respect of the transferor is (to the extent
25 that that act, matter or thing has any effect) taken to
have been done or omitted by, to or in respect of the
transferee;
(e) a reference in any Act, in any instrument made under
any Act or in any document of any kind to the
30 transferor or a predecessor of the transferor is (to the
extent that it relates to those assets or liabilities but
subject to the regulations or other provisions under
Schedule 2), to be read as, or as including, a reference
to the transferee.
35 4. Operation of Schedule
(1) The operation of this Schedule is not to be regarded--
(a) as a breach of contract or confidence or otherwise as a
civil wrong; or
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(b) as a breach of any contractual provision prohibiting,
restricting or regulating the assignment or transfer of
assets or liabilities; or
(c) as giving rise to any remedy by a party to a legal
5 instrument, or as causing or permitting the
termination of any legal instrument, because of a
change in the beneficial or legal ownership of any
asset or liability.
(2) The operation of this Schedule is not to be regarded as an
10 event of default under any contract or other instrument.
(3) No attornment to the transferee by a lessee from the
transferor is required.
(4) The operation of this Schedule includes the enactment or
making of a transfer instrument to which this Schedule
15 applies.
(5) In this clause--
"legal instrument" means an instrument (other than this
Act or a corresponding law) that creates, modifies or
extinguishes rights or liabilities (or would do so if
20 lodged, filed or registered in accordance with any
law), and includes any judgment, order or process of
a court.
5. Date of vesting
A transfer instrument to which this Schedule applies takes
25 effect on the date it is enacted or made, or such other date as
is specified in the instrument.
6. Value of particular assets transferred
The respective values of particular assets transferred by a
transfer instrument to which this Schedule applies may be
30 determined by agreement between the Commonwealth and
the States of New South Wales and Victoria.
7. Transfer of interests in land
(1) A transfer instrument to which this Schedule applies may
transfer an interest in respect of land vested in the transferor
35 without transferring the whole of the interests of the
transferor in that land.
(2) If the interest transferred is not a separate interest, the
transfer instrument operates to create the interest transferred
in such terms as are specified in the instrument.
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(3) This clause does not limit any other provision of this
Schedule.
8. Confirmation of vesting in Snowy Hydro Company
(1) The Minister may, by order in writing, confirm the transfer
5 to the Snowy Hydro Company of particular assets or
liabilities by the operation of section 11.
(2) Such an order is evidence of that transfer.
(3) An order under this clause may be combined with an order
under the Commonwealth Corporatisation Act or the New
10 South Wales Corporatisation Act that confirms the transfer
of assets or liabilities to the Snowy Hydro Company by that
Act.
9. Successor of former Authority
The Snowy Hydro Company is taken for all purposes,
15 including the rules of private international law, to be the
successor of the former Authority (except in respect of
assets and liabilities transferred under this Act or a
corresponding law to any other body or person).
_______________
20
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SCHEDULE 2 s. 30.
SAVINGS, TRANSITIONAL AND OTHER PROVISIONS
PART 1--PRELIMINARY
1. Regulations
5 (1) The regulations may contain provisions of a savings or
transitional nature consequent on the enactment of this Act.
(2) Any such provision may, if the regulations so provide, take
effect from the date of assent to the Act or a later day.
(3) To the extent to which any such provision takes effect from
10 a date that is earlier than the date of its publication in the
Government Gazette, the provision does not operate so as--
(a) to affect, in a manner prejudicial to any person (other
than the State or an authority of the State), the rights
of that person existing before the date of its
15 publication; or
(b) to impose liabilities on any person (other than the
State or an authority of the State) in respect of any
thing done or omitted to be done before the date of its
publication.
20 _______________
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PART 2--PROVISIONS CONSEQUENT ON ENACTMENT OF THIS
ACT
2. Judicial notice
Despite the repeal of the Snowy Mountains Hydro-electric
5 Agreements Act 1958, all courts, judges and people acting
judicially must take judicial notice of the imprint of the
official seal of the Snowy Mountains Hydro-electric
Authority appearing on a document and must presume that
the seal was duly affixed.
10 3. Final report by Authority
(1) Despite sections 25 and 29, the relevant provisions of the
Snowy Mountains Hydro-electric Agreements Act 1958
continue in force, and the Authority continues in existence,
solely for the purpose of enabling the Authority to comply
15 with any of its outstanding obligations under section 63H(1)
of the Audit Act 1901 of the Commonwealth in respect of
any period before the corporatisation date.
(2) The Snowy Hydro Company must provide the Authority
with any assistance that the Authority reasonably requires
20 for the performance of its duties under sub-section (1).
4. Final report by Council
(1) Despite sections 25 and 29, the Snowy Mountains Council
continues in existence solely for the purpose of performing
any necessary duties under clause 21 of the Agreement set
25 out in the First Schedule to the Snowy Mountains Hydro-
electric Agreements Act 1958.
(2) The Snowy Hydro Company is to provide any assistance
that the Council reasonably requires for the performance of
those duties.
30
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Notes
Act No.
NOTES
By Authority. Government Printer for the State of Victoria.
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