New South Wales Consolidated Acts

ELECTRICITY NETWORK ASSETS (AUTHORISED TRANSACTIONS) ACT 2015 - SECT 50

50 Leases of electricity network assets

(1) The provisions of an electricity network assets lease (or of any agreement or arrangement entered into in connection with such a lease) dealing with the following matters have effect according to their terms despite any law or rule to the contrary--

(a) the term of the lease,

(b) the existence or exercise of an option under the lease,

(c) the payment of any amount by way of a premium for the lease and the retention of any such amount by the lessor or the State,

(d) the circumstances or conditions under which the lease may be terminated by the lessor or lessee,

(e) the application or operation of section 122, 130 or 133B of the Conveyancing Act 1919 to or in respect of the lease (or any lease under the lease),

(f) the application of a security provided in relation to the lease,

(g) the payment of a sum that is in the nature of a penalty,

(h) the ownership of, or the vesting or forfeiture of ownership of, any real or personal property on termination of the lease or on the occurrence of some other specified event or other thing,

(i) the pre-payment of amounts payable by way of rent under the lease and the retention of any such amounts by the lessor or the State,

(j) the continuance of the lease despite the occurrence of unintended or unforeseen circumstances,

(k) the continuance of the obligation to pay rent despite the occurrence of unintended or unforeseen circumstances,

(l) the amount payable in consequence of a breach or early termination of the lease, expiry of the lease or exercise of any option to extend the lease,

(m) the liability of the lessor or lessee in relation to the leased assets,

(n) the non-refundability of any payment made on account of rent, premium, option fee, outgoings, security deposit or otherwise,

(o) the operation of any set-off.

(2) A provision of an electricity network assets lease (or of any agreement or arrangement entered into in connection with such a lease) that confers rights or obligations on the State is enforceable by or against the State even though the State is not a party to the lease, agreement or arrangement.

(3) An electricity network assets lease may include provision for the removal by the lessee of any fixture severable from the land leased.

(4) A scheme of arrangement, receivership, winding up or other external administration of a company is to be carried out in a manner that gives effect to this section.

(5) A variation of an electricity network assets lease that varies the land to which the lease relates and that is made pursuant to a provision of the lease or another transaction arrangement--

(a) can be registered under the Real Property Act 1900 (despite section 55A (4) of that Act), and

(b) does not have the effect of surrendering or regranting the lease.

(6) A certificate given by the Treasurer to the effect that a variation of lease is a variation to which subsection (5) applies is evidence of the matters certified.

(7) In this section--

"electricity network assets lease" means--

(a) a lease of electricity network assets entered into for the purposes of an authorised transaction, or

(b) a lease of electricity network assets that the Treasurer designates by order in writing as an electricity network assets lease for the purposes of this section, or

(c) a sublease under a lease referred to in paragraph (a) or (b).