Electricity Reform Act 2012

The Treasurer, by a notice (a transfer notice) published in the Gazette, may, as specified in the notice, transfer to another State-owned electricity entity an asset, right, or liability, of a State-owned electricity entity.

A transfer notice may be made on the terms and conditions specified in the notice.

The Treasurer may make more than one transfer notice in relation to an asset, right, or liability, of a State-owned electricity entity.

A transfer notice takes effect on the day specified in the notice.

The transfer notice may specify the consideration on which a transfer is made and the values at which the assets, rights or liabilities are transferred.

The Treasurer, by a notice published in the Gazette, may amend or revoke a transfer notice.

If the Treasurer amends a transfer notice by a notice under subsection (6), the notice under subsection (6) is to be taken to have taken effect at the same time as the transfer notice.

If the Treasurer revokes a transfer notice by a notice under subsection (6), the transfer notice is to be taken to have never been in force.

If the Treasurer amends or revokes a transfer notice by a notice under subsection (6) – any action that is, after the transfer notice takes effect but before the notice under subsection (6) is made, taken by the transferee in relation to the asset, right or liability transferred by the transfer notice to the transferee is to be taken to be an action taken by the transferor; and any failure by the transferee, after the transfer notice takes effect but before the notice under subsection (6) is made, to take an action in relation to the asset, right or liability transferred to the transferee by the transfer notice is to be taken to be a failure by the transferor.

A notice under this section is not a statutory rule for the purposes of the Rules Publication Act 1953.