Snowy Hydro Corporatisation Act 1997

The following agreements are terminated on the corporatisation date:

the agreements copies of which are set out in Schedules 1 and 2 to the Snowy Mountains Hydro‑electric Power Act 1949;

the agreement a copy of which is set out in the Schedule to the Blowering Water Storage Works Agreements Act 1963.

The agreement a copy of which is set out in the First Schedule to the Seat of Government Acceptance Act 1909 is amended on the corporatisation date by omitting clause 10.

The termination of the agreements referred to in subsection (1) extinguishes the rights and obligations of the parties under the agreements.

The omission of clause 10 of the agreement referred to in subsection (2) extinguishes the rights and obligations of the parties under the clause.

An exemption (if any) arising under the agreements referred to in subsection (1) from any written or unwritten laws of the Commonwealth, New South Wales or Victoria is terminated on the corporatisation date and is not transferred by or under this Act, the New South Wales Corporatisation Act or the Victorian Corporatisation Act.

A right (if any) arising under an agreement referred to in subsection (1) to collect, divert, store or use water or to generate or supply electricity, or right arising under clause 10 of the agreement referred to in subsection (2), is terminated on the corporatisation date and is not transferred by or under this Act, the New South Wales Corporatisation Act or the Victorian Corporatisation Act.

Subsections (5) and (6) are enacted to avoid doubt.