Government Owned Corporations (Energy Consolidation) Regulation 2016 (Qld)

Government Owned Corporations (Energy Consolidation) Regulation 2016

Part 1 Preliminary

1 Short title This regulation may be cited as the Government Owned Corporations (Energy Consolidation) Regulation 2016.

2 Commencement (1) Part 2 commences on 30 June 2016. (2) Parts 3 and 4 commence immediately after part 2 commences. (3) Parts 5 and 6 commence immediately after parts 3 and 4 commence. (4) Parts 7 and 8 commence immediately after parts 5 and 6 commence. (5) Part 9 commences immediately before 1 July 2016.

3 Dictionary The dictionary in schedule 1 defines particular words used in this regulation.

Part 4 Transfer of EEQ's scheduled assets

9 Scheduled assets (1) EEQ's scheduled assets are transferred to Ergon. (2) EEQ and Ergon must do all things necessary to enable the scheduled assets to be transferred to Ergon. (3) For this section, EEQ and Ergon must treat— (a) the transfer of a scheduled asset to Ergon as a distribution to an owner that is to be considered as a redemption of owner's equity; and (b) the value of a scheduled asset as being the value of the asset recorded in the accounts of EEQ immediately before this section commences. (4) In this section— Ergon means Ergon Energy Corporation Limited ACN 087 646 062.

Part 5 Transfer of scheduled assets, assumption of scheduled liabilities and application of scheduled debt instruments of energy companies

10 Scheduled assets (1) Each energy company's scheduled assets are transferred to the State. (2) Each energy company must do all things necessary to enable the scheduled assets to be transferred to the State. (3) For this section, each energy company must treat— (a) the transfer of a scheduled asset to the State as a distribution to an owner that is to be considered as a redemption of contributed equity; and (b) the value of a scheduled asset as being the value of the asset recorded in the accounts of the energy company immediately before this section commences.