Snowy Hydro Corporatisation Act 1997

Parts 1 and 2, section 11, Divisions 2 and 3 of Part 3, sections 25, 47, 48, 49, 50, 56, 57 and 58, subsection 63(1) and Part 1 of Schedule 2 commence on the day on which this Act receives the Royal Assent.

The remaining provisions commence on a day or days to be fixed by Proclamation.

A proclamation fixing a day for the commencement of section 59 is not to be made unless:

a public inquiry, sponsored by the Governments of New South Wales and Victoria, has been held with respect to environmental issues arising out of the current pattern of water flows in rivers and streams, caused by the operation of the Snowy Mountains Scheme, and the Minister is satisfied with the adequacy of the conduct, outcome and planned implementation of the inquiry, having regard to the continuing viability of the Scheme; and

the Minister is satisfied that the Governments of New South Wales and Victoria have agreed to that section commencing on that day.

The object of this Act is to reform the Snowy Mountains Hydro‑electric Scheme by corporatising the Snowy Mountains Hydro‑electric Authority and making related changes to the Scheme.

It is the intention of the Parliament that this Act:

is to operate concurrently with the New South Wales Corporatisation Act and the Victorian Corporatisation Act; and

is to have effect only to the extent to which it is within the legislative power of the Parliament.

In this Act, unless the contrary intention appears:

money, securities, choses in action and documents; and

rights, powers, privileges and immunities (whether present or future and whether vested or contingent), except any immunity or privilege of the Crown in any capacity.

the issue or transfer of shares in the Snowy Hydro Company to the Commonwealth, New South Wales or Victoria or a person acting on behalf of the Commonwealth, New South Wales or Victoria; or

the operation of the provisions of this Act, the New South Wales Corporatisation Act and the Victorian Corporatisation Act relating to the transfer of assets and liabilities to the Snowy Hydro Company or TransGrid; or

an agreement referred to in section 48 or any agreement under the New South Wales Corporatisation Act or the Victorian Corporatisation Act to which New South Wales or Victoria is a party; or

a debt of the Snowy Hydro Company to the Commonwealth at the corporatisation date (including the refinancing of such a debt); or

giving effect to any of the above.

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, the New South Wales Corporatisation Act or the Victorian Corporatisation Act; and

the assets and liabilities of the Commonwealth, New South Wales, Victoria, or authorities of the Commonwealth, New South Wales or Victoria, that are transferred to the Snowy Hydro Company by orders under this Act, the New South Wales Corporatisation Act or the Victorian Corporatisation Act.

For the purposes of this Act, the question whether a body corporate is a subsidiary of another body corporate is to be determined in the same way as that question is determined under the Corporations Act 2001.

Subject to subsection (3), the Commonwealth may acquire, hold, dispose of or deal with shares in the Snowy Hydro Company.

Shares in the Snowy Hydro Company held by the Commonwealth, being the initial issue to the Commonwealth of shares in the Company:

are taken to have been fully paid up; and

are taken to have been issued for valuable consideration, being the relevant percentage of the value of the existing Snowy hydro undertaking.

The Commonwealth must not dispose of or transfer shares in the Snowy Hydro Company without the approval of the Parliament if the disposal or transfer of shares would result in the Commonwealth holding less than the relevant percentage of all issued shares.

For the purposes of this section:

the value of the existing Snowy hydro undertaking is the value determined by agreement between the Commonwealth, New South Wales and Victoria; and

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 Commonwealth.

A Snowy hydro‑group company:

is not, and does not represent, the Crown; and

is not an instrumentality or agency of the Crown; and

is not entitled to any immunity or privilege of the Crown; and

is not a public authority for any purpose and is taken not to have been constituted or established for a public purpose or for a purpose of the Commonwealth.

This section has effect subject to any express provision to the contrary made by any law of the Commonwealth.

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.

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 Mountains Hydro‑electric Authority.

The liabilities transferred by this section include any liability, immediately before the corporatisation date, arising from the works constructed or purporting to be constructed, or the activities carried out or purporting to be carried out, under the agreements terminated by paragraph 60(1)(a) (being a liability of the Authority, the Commonwealth, New South Wales, Victoria or any authority of the Commonwealth, New South Wales or Victoria). For the purposes of this Act any such liability is taken to be a liability of the Authority.

The assets and liabilities transferred by this section do not include the assets and liabilities that are transferred to TransGrid by an order under section 12.

The assets transferred by this section do not include stored water.

Schedule 1 applies to the transfer of assets and liabilities under this section.

The Minister may, by order in writing and in accordance with an agreement between the Commonwealth, New South Wales and Victoria, direct that such assets or liabilities of the Commonwealth or of an authority of the Commonwealth relating to the Snowy Mountains Hydro‑electric Scheme as are specified or referred to in the order be transferred to the Snowy Hydro Company.

An order under this section may be combined with an order under the New South Wales Corporatisation Act or the Victorian Corporatisation Act that transfers assets or liabilities to the Snowy Hydro Company.

Schedule 1 applies to an order under this section.

The Minister may, by order in writing and in accordance with an agreement between the Commonwealth, New South Wales and Victoria, direct that such assets or liabilities of the Snowy Mountains Hydro‑electric Authority, of the Commonwealth or of an authority of the Commonwealth 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 TransGrid.

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 between the Commonwealth, New South Wales and Victoria.

An order under this section may be combined with an order under the New South Wales Corporatisation Act or the Victorian Corporatisation Act that transfers assets or liabilities to TransGrid.

Schedule 1 applies to an order under this section.