ELECTRICITY INDUSTRY (RESIDUAL PROVISIONS) ACT 1993 - SECT 29 Payments in respect of financial obligations

ELECTRICITY INDUSTRY (RESIDUAL PROVISIONS) ACT 1993 - SECT 29

    (1)     If—

        (a)     an Order has been made under section 36D(1) or 36E(1) of the Treasury Corporation of Victoria Act 1992 relating to financial obligations of SEC; and

        (b)     responsibility for those financial obligations has been allocated under an allocation statement under Division 3 of Part 5 to an electricity corporation—

then—

        (c)     the electricity corporation must pay to TCV such amounts, and at such times, as SEC would have been liable to pay in respect of those financial obligations if the Order had not been made, except in so far as TCV and the electricity corporation otherwise agree; and

        (d)     TCV must pay to the electricity corporation such amounts, and at such times, as SEC would have been entitled to receive in respect of the financial accommodation or financial arrangements to which the financial obligations relate if the Order had not been made, except in so far as TCV and the electricity corporation otherwise agree.

    (2)     An amount payable under subsection (1) may be recovered in a court of competent jurisdiction as a debt due to TCV or the electricity corporation, as the case requires.

S. 29(3) inserted by No. 53/1994 s. 11(2), amended by No. 110/1994 ss 8(b), 33(2), substituted by No. 56/1995 s. 8(2), amended by Nos 35/1997 s. 19(d), 36/1999 s. 19(d).

    (3)     In this section, "electricity corporation" includes, a public distribution company, a public transmission company and a public generation company.

Division 6—General