Electricity Generator Assets (Authorised Transactions) Act 2012 (NSW)

Electricity Generator Assets (Authorised Transactions) Act 2012 No 35

An Act to authorise and provide for the transfer of the electricity generator assets of the State.

Part 1 Preliminary

1 Name of Act This Act is the Electricity Generator Assets (Authorised Transactions) Act 2012.

2 Commencement (1) This Act commences on the date of assent, except as provided by subsection (2). (2) Schedule 5 (Ownership restrictions in floated transaction companies) commences on a day to be appointed by proclamation.

3 Interpretation—key definitions In this Act— authorised transaction means a transfer of electricity generator assets authorised by Part 2. electricity generator means a statutory State owned corporation constituted by the Energy Services Corporations Act 1995 as an electricity generator under that Act. electricity generator assets means assets, rights and liabilities of an electricity generator.

Note— Schedule 1 contains other interpretative provisions.

Part 2 Authorised transfers of electricity generator assets

4 Transfer of electricity generator assets to private sector This Act authorises the transfer of electricity generator assets to the private sector.

5 Transfer of electricity generator assets between public sector agencies This Act authorises the transfer of electricity generator assets between public sector agencies.

6 Proceeds of transaction (1) The proceeds of the transfer of electricity generator assets pursuant to an authorised transaction (the transaction proceeds) belong to and are payable directly to the State. (2) The transaction proceeds paid to the State are to be paid into the Restart NSW Fund (the Fund) established under the Restart NSW Fund Act 2011. (3) The following deductions are authorised to be made from the transaction proceeds— (a) deduction of such amounts as the Treasurer approves to repay debt and satisfy other liabilities of a public sector agency in respect of electricity generator assets transferred for the purposes of an authorised transaction, (b) deduction of such amounts as the Treasurer approves to reimburse public sector agencies for payments made by them in respect of any tax, duty, fee or charge imposed by any Act or law of the State or any other jurisdiction in connection with a transaction arrangement, (c) deduction of such amounts as the Treasurer approves to satisfy any liability of a public sector agency arising under or in connection with a transaction arrangement, (d) deduction of such amounts as the Treasurer approves to meet expenses reasonably incurred by public sector agencies for the purposes of an authorised transaction. (4) The transaction proceeds do not include any amount certified by the Treasurer to have been paid to a public sector agency as a tax, duty, fee or charge imposed by any Act or law of the State in connection with a transaction arrangement. (5) The deductions authorised to be made from the transaction proceeds may be made before payment of the transaction proceeds into the Fund or may be made by payment from the Fund. (6) The requirements of this section do not affect the validity of a transaction arrangement.