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ELECTRICITY NETWORK ASSETS (AUTHORISED TRANSACTIONS) ACT 2015 - SECT 7
Protection of State's interest in transferred network infrastructure assets
(1) A public sector agency must not transfer any network retained interest
held by the public sector agency.
(2) This section does not prevent-- (a) the
granting or enforcement of a security interest over any
network retained interest, or
(b) the conferral or enforcement of a security
interest over any interest in a network infrastructure assets lease, being a
security interest that arises by operation of law, or
(c) a transfer by or at
the direction or under the authority of a liquidator, receiver, receiver and
manager, administrator or the like in the course of a winding-up, receivership
or other external administration, or
(d) a transfer by way of lease (a
"new lease" ) created by a sublease under, or surrender and regrant of, an
existing network infrastructure assets lease (the
"existing lease" ) where the transfer does not result in the level of the
public sector's interest in the entity that is the lessee under the new lease
being less than it was for the existing lease, or
(e) any transfer to a
public sector agency, or
(f) a transfer authorised by the regulations.
(3)
In this section--
"network infrastructure assets lease" means a lease of assets comprising or
including network infrastructure assets.
"network retained interest" means any interest of a public sector agency in--
(a) a network infrastructure assets lease (other than as the lessor of a
transacted distribution system or transacted transmission system), or
(b) a
public sector agency that is a lessee of such a lease or that is a partner in
a partnership that is a lessee of such a lease.
"transfer" includes surrender.
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