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STATUTES AMENDMENT (ENERGY CONSUMERS AUSTRALIA) ACT 2014 (NO 21 OF 2014) - SECT 14

14—Amount held by AEMC for funding of Panel to be paid to ECA

        (1)         Subject to this section, the AEMC must, in relation to any amount held by the AEMC for the purposes of the Panel immediately before the commencement day (the "relevant amount"), within 30 days after the commencement day—

            (a)         make any grants under section 12 from the relevant amount; and

            (b)         pay from the relevant amount—

                  (i)         any remuneration or other amounts payable under an instrument of appointment to a Panel member in respect of work performed by the Panel before the commencement day; and

                  (ii)         any employee entitlements (including remuneration and superannuation) of the Executive Director and other staff members of the Panel accrued before the commencement day; and

                  (iii)         the reasonable administrative costs incurred by the AEMC before the commencement day associated with the work of the Panel, its Executive Director and other staff members (including costs incurred in relation to the provision of services shared by the AEMC and the Panel (but only in so far as such costs relate to the provision of services to the Panel)); and

                  (iv)         if the AEMC terminates the employment of the Executive Director or any other staff member of the Panel within 30 days after the commencement day—an amount equivalent to any liabilities, calculated as if the termination took effect on the commencement day, that arise from the termination.

        (2)         In addition, the AEMC and AEMO must, before the expiry of the 30 day period referred to in subsection (1), agree on any addition to or deduction from the relevant amount that must be made to reflect—

            (a)         any contribution to the relevant amount owed by the AEMC or AEMO; or

            (b)         any amount owed to the AEMC or AEMO from the relevant amount.

        (3)         The AEMC must, after giving effect to subsections (1) and (2), pay the remainder of the relevant amount to ECA as soon as is reasonably practicable after the expiry of the 30 day period referred to in subsection (1).

        (4)         If, after the expiry of the 30 day period referred to in subsection (1), the AEMC gives notice to ECA of a payment within the ambit of subsection (1)(b) that the AEMC is required to make, the AEMC and ECA may agree on the payment by ECA to the AEMC of the amount specified in the notice.



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