Victorian Current Acts Victorian Current Acts(1) Subject to this section, the assets and liabilities of the Snowy Mountains Hydro-electric Authority, immediately before the corporatisation date, are transferred to the Snowy Hydro Company.
(2) The assets and liabilities transferred by this section include the assets and liabilities (if any) of the Snowy Mountains Council. For the purposes of this Act, any such assets and liabilities are taken to be the assets and liabilities of the Snowy Mountains Hydro-electric Authority.
(3) The liabilities transferred by this section include any liability, immediately before the corporatisation date, arising from the works constructed or the activities carried out (or purporting to be constructed or carried out) under the agreements terminated by section 28(1) (being a liability of the Authority, the Commonwealth, the State of New South Wales, the State of Victoria or any authority of the Commonwealth or any such State). For the purposes of this Act, any such liability is taken to be a liability of the Authority.
(4) The assets and liabilities transferred by this section do not include the assets and liabilities that are transferred to TransGrid by an order under section 14.
(5) The assets transferred by this section do not include stored water.
(6) Schedule 1 applies to the transfer of assets and liabilities under this section.