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ELECTRICITY AND OTHER LEGISLATION AMENDMENT ACT 2016 - SECT 40

Amendment of s 161 (Transfer of assets, liabilities etc. to GOC or GOC subsidiary)

40 Amendment of s 161 (Transfer of assets, liabilities etc. to GOC or GOC subsidiary)

(1) Section 161, heading, after ‘to’—
insert—
or from
(2) Section 161(1)(b), ‘else; and’—
omit, insert—
else, including the transfer of an asset or liability—
(i) from a GOC to another GOC, a GOC subsidiary or the State; or
(ii) from a GOC subsidiary to a GOC, another GOC subsidiary or the State; or
(iii) from the State to a GOC or GOC subsidiary; and
(3) Section 161(1)—
insert—
(da) for an instrument that applies, or is taken to apply, to a GOC subsidiary—whether a reference in the instrument to a shareholding Minister is taken to be a reference to a shareholding Minister of the parent company of the GOC subsidiary;
(4) Section 161(1)(da) to (f)—
renumber as section 161(1)(e) to (g).
(5) Section 161(2), before paragraph (a)—
insert—
(aa) a regulation under subsection (1) may make provision about accounting treatment in relation to a matter mentioned in the subsection; and
(ab) a regulation under subsection (1)(b) may make provision about anything necessary or incidental to the transfer of the assets or liabilities, including by providing that the transferee becomes a party to any instrument in substitution for the transferor; and
(6) Section 161(2)(aa) to (b)—
renumber as section 161(2)(a) to (d).
(7) Section 161—
insert—
(3) In this section—

"parent company" , of a GOC subsidiary, means the GOC for which the GOC subsidiary is a subsidiary under this Act.



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