Transfer to Company of assets and liabilities of Snowy Mountains Hydro‑electric Authority
10 Transfer to Company of assets and liabilities of Snowy Mountains Hydro‑electric Authority
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.
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