New South Wales Consolidated Acts

ELECTRICITY NETWORK ASSETS (AUTHORISED TRANSACTIONS) ACT 2015 - SECT 12

12 Residual Liabilities Fund

(1) There is to be established in the Special Deposits Account a fund called the Electricity Network Residual Liabilities Fund (
"the Residual Liabilities Fund" ), which is to be administered by the Treasurer.

(2) There is payable into the Residual Liabilities Fund--

(a) such amount as the Treasurer directs to be paid out of the transaction proceeds under section 11, and

(b) interest and any other amounts accruing from time to time from the investments of the Residual Liabilities Fund.

(3) There is payable from the Residual Liabilities Fund such amounts as the Treasurer directs from time to time--

(a) for payment in discharge of any liabilities of a public sector agency that arise in connection with an authorised transaction or electricity network assets (
"residual transaction liabilities" ), or

(b) for payment to the Consolidated Fund or the Restart Fund, or

(c) for payment of expenses incurred in relation to the administration of the Residual Liabilities Fund.

(4) For the purposes of this section, assets, rights and liabilities do not cease to be electricity network assets when they are transferred to the private sector for the purposes of an authorised transaction.

(5) The Treasurer may invest money in the Residual Liabilities Fund in any way that the Treasurer considers appropriate.