Electricity Generator Assets (Authorised Transactions) Act 2012

The Treasurer may give directions to a public sector agency for or with respect to the grant of any relevant authorisation to a person who becomes or who it is proposed will become the new operator of any electricity generator assets pursuant to an authorised transaction, including directions for or with respect to any of the following—

requiring the grant of any such relevant authorisation without the necessity for the making or determination of any application,

the displacement or modification of any provision of a relevant law in its application to the grant of any such relevant authorisation,

the conditions or endorsements subject to which any such relevant authorisation is to be granted or that are to be attached to any such relevant authorisation.

A direction may only be given under this section for the grant of a relevant authorisation that—

operates to transfer or replace an existing relevant authorisation that is currently in force, and

is subject to terms, conditions or endorsements that are the same (or to substantially the same effect) as those to which that existing relevant authorisation is subject.

The Treasurer must consult with a public sector agency before giving a direction to the public sector agency under this section.

A public sector agency exercising functions under a relevant law must comply with a direction of the Treasurer under this section.

Anything done by an electricity generator in compliance with a condition or endorsement of a relevant authorisation in relation to electricity generator assets of which a person is the new operator is taken to have been done by the new operator for the purposes of any corresponding condition or endorsement of a relevant authorisation granted to the new operator pursuant to a direction under this section.

A relevant authorisation granted to an electricity generator or to the new operator of electricity generator assets may not be suspended or cancelled on the ground of the conversion of the electricity generator or new operator to a company or on the ground of any change that has occurred in the officers or shareholders of the company as a result of that conversion or pursuant to a transaction arrangement.

In this section—

a public sector agency to which any electricity generator assets are transferred for the purposes of an authorised transaction, or

a person (or the nominee of a person) in whom electricity generator assets are vested, or to whom electricity generator assets are transferred, pursuant to an authorised transaction.