WATER INDUSTRY ACT 1994 - SECT 154 Definitions

WATER INDUSTRY ACT 1994 - SECT 154

    (1)     In this Part—

S. 154(1) def. of

chief executive officer substituted by No. 65/1995 s. 14(38)(a).

"chief executive officer", in relation to Melbourne Water Corporation, means Managing Director of Melbourne Water Corporation and, in relation to a company licensee, means the chief executive officer of the company licensee;

"company licensee" means City West Water Ltd, A.C.N. 066 902 467, South East Water Ltd, A.C.N. 066 902 547 or Yarra Valley Water Ltd, A.C.N. 066 902 501;

"financial accommodation" means a financial benefit or assistance to obtain a financial benefit arising from or as a result of—

        (a)     a loan;

        (b)     issuing, endorsing or otherwise dealing in promissory notes;

        (c)     drawing, accepting, endorsing or otherwise dealing in bills of exchange;

        (d)     issuing, purchasing or otherwise dealing in securities;

        (e)     granting or taking a lease of any real or personal property for financing but not for operating purposes;

        (f)     in relation to Melbourne Water Corporation, any other arrangement that the Governor in Council on the recommendation of the Treasurer has approved as financial accommodation in relation to Melbourne Water Corporation under the Borrowing and Investment Powers Act 1987 ;

financial arrangement means an arrangement entered into for the purpose of managing, lessening, hedging or protecting against movements in currency exchange, interest or discount rates or other costs of obtaining financial accommodation;

"financial obligation", in relation to Melbourne Water Corporation, means the liability of Melbourne Water Corporation in respect of—

        (a)     financial accommodation obtained by Melbourne Water Corporation; or

        (b)     a financial arrangement entered into by Melbourne Water Corporation—

and includes the liability of Melbourne Water Corporation in respect of inscribed stock issued by Melbourne Water Corporation;

former Melbourne Water property means property, rights or liabilities of Melbourne Water Corporation that, under this Part, have vested in, or become liabilities of, another person;

instrument includes a document and an oral agreement;

liabilities means all liabilities, duties and obligations, whether actual, contingent or prospective but, in relation to Melbourne Water Corporation, does not include financial obligations;

Melbourne Water instrument means an instrument (including a legislative instrument other than this Act) subsisting immediately before the relevant date—

        (a)     to which Melbourne Water Corporation was a party; or

        (b)     that was given to or in favour of Melbourne Water Corporation; or

        (c)     that refers to Melbourne Water Corporation; or

        (d)     under which—

              (i)     money is, or may become, payable to or by Melbourne Water Corporation; or

              (ii)     other property is to be, or may become liable to be, transferred to or by Melbourne Water Corporation;

"new employer", in relation to a transferred Melbourne Water employee, means the body by which, by virtue of section 173, the transferred Melbourne Water employee is regarded as being employed with effect from the relevant date;

property means any legal or equitable estate or interest (whether present or future and whether vested or contingent) in real or personal property of any description;

S. 154(1) def. of relevant date substituted by No. 65/1995 s. 14(38)(b).

"relevant date"—

        (a)     in relation to an allocation statement or property, rights or liabilities allocated under an allocation statement, means the date fixed by the Minister under subsection (2) for the purposes of that statement;

        (b)     in relation to a document referred to in section 172(1), means a date fixed by the Minister under subsection (2) for the purposes of that document;

rights means all rights, powers, privileges and immunities, whether actual, contingent or prospective;

security includes inscribed stock and debenture, bond, debenture stock, notes or any other document creating, evidencing or acknowledging indebtedness in respect of financial accommodation, whether or not constituting a charge on property;

swap contract means an agreement entered into by Melbourne Water Corporation with another person under which—

        (a)     Melbourne Water Corporation undertakes to make payments in any currency to, or to the account of, the other party to the agreement; and

        (b)     the other party undertakes to make payments to, or to the account of, Melbourne Water Corporation in the same or another currency;

TCV means Treasury Corporation of Victoria;

transferred Melbourne Water employee means a person who, by virtue of section 173, is regarded as being employed by a new employer with effect from the relevant date;

"transferee", in relation to former Melbourne Water property, means the person to whom the property has been transferred under this Part.

S. 154(2) substituted by No. 65/1995 s. 14(39).

    (2)     The Minister may, by notice published in the Government Gazette—

        (a)     fix the relevant date for the purposes of an allocation statement under section 155;

        (b)     fix the relevant date for the purposes of a document referred to in section 172(1).

Division 2—Allocation of property