Electricity Network Assets (Authorised Transactions) Act 2015 No 5
Current version for 1 December 2018 to date (accessed 2 June 2020 at 06:43)
Schedule 5
Schedule 5 Vesting of assets, rights and liabilities
(Section 25)
1   Definitions
In this Schedule:
transferee means the person or body in whom any assets, rights or liabilities are vested by a vesting order.
transferor means the person or body from whom any assets, rights or liabilities are divested by a vesting order.
vesting order means an order made by the Treasurer in writing for the purposes of this Schedule.
2   Making of vesting order
(1)  A vesting order may vest assets, rights and liabilities comprising electricity network assets in a person specified in the order as the transferee.
(2)  A vesting order may vary the terms and conditions of any instrument or contract that relates to assets, rights or liabilities to the extent that is necessary or convenient for the purposes of an authorised transaction.
3   Effect of vesting order
(1)  When any assets, rights or liabilities are vested by a vesting order, the following provisions have effect except as otherwise provided by the vesting order:
(a)  the assets vest in the transferee by virtue of this clause and without the need for any conveyance, transfer, assignment or assurance,
(b)  the rights and liabilities become, by virtue of this clause, the rights and liabilities of the transferee,
(c)  all proceedings relating to the assets, rights or liabilities pending by or against the transferor are taken to be proceedings pending by or against the transferee,
(d)  the transferee has all the entitlements and obligations of the transferor in relation to the assets, rights and liabilities that the transferor would have had but for the order, whether or not those entitlements and obligations were actual or potential at the time the order took effect,
(e)  any act, matter or thing done or omitted to be done in relation to the assets, rights or liabilities by, to or in respect of the transferor is (to the extent that the act, matter or thing has any force or effect) taken to have been done or omitted by, to or in respect of the transferee,
(f)  a reference in any Act, in any instrument made under any Act or in any document of any kind to the transferor or a predecessor of the transferor is (to the extent that it relates to those assets or liabilities and except as otherwise provided by the regulations) to be read as, or as including, a reference to the transferee.
(2)  A vesting order that varies the terms and conditions of any instrument or contract has effect according to its tenor.
(3)  No attornment to the transferee by a lessee from the transferor is required.
4   Terms and conditions of vesting
A vesting order may be made on such terms and conditions as are specified in the order.
5   Consideration for vesting
A vesting order may specify the consideration for which a vesting to which it applies is made and the value or values at which assets, rights or liabilities are vested.
6   Vesting of interests in land
(1)  A vesting order may vest an interest in respect of land vested in the transferor without vesting the whole of the interests of the transferor in that land.
(2)  If the interest vested is not a separate interest, the order operates to create the interest vested in such terms as are specified in the order.
(3)  This clause does not limit any other provision of this Schedule.
7   Confirmation of vesting
(1)  The Treasurer may by order in writing confirm a vesting of assets, rights or liabilities, or a variation of the terms and conditions of an instrument or contract, by operation of this Schedule.
(2)  Such an order is evidence of that vesting or variation.
8   Determinations by Treasurer
For the purposes of the making of a vesting order, the Treasurer may determine whether or not particular assets, rights or liabilities comprise electricity network assets, and such a determination is conclusive as to the matters determined.
9   Certification to registration authorities
(1)  A party to a vesting order may lodge with a registration authority a certificate certifying as to such information as the party considers the registration authority reasonably requires to enable the registration authority to exercise any function of the registration authority arising in connection with the vesting of any asset, right or liability, or the variation of any terms and conditions of an instrument or contract, by operation of this Schedule.
(2)  Such a certificate is to be accepted and acted upon by the registration authority and, despite any other law, the registration authority is not entitled to require that the information concerned be provided to it in any particular form or in any particular manner.
(3)  A certificate under this clause is a dealing for the purposes of the Real Property Act 1900 to the extent that any recording in the Register under that Act is permitted to be made on the basis of the certificate because of the operation of this clause.
(4)  No fee or charge is payable by the transferee to a registration authority for or in respect of the exercise of any function by the registration authority in connection with the vesting of an asset, right or liability, or the variation of any terms and conditions of an instrument or contract, by operation of this Schedule.
(5)  A document purporting to be a certificate given under this clause is, unless the contrary is established, taken to be such a certificate and to have been properly given.
(6)  Each of the Treasurer and a public sector agency that is the transferee or transferor under a vesting order is a party to the vesting order for the purposes of this clause.
(7)  In this clause:
registration authority means a person or body that has functions under any law in connection with the keeping of a register in respect of assets, rights or liabilities or transactions affecting assets, rights or liabilities.
10   Public sector accounting policies
The Treasurer may give directions to public sector agencies for or with respect to accounting policies to be applied by public sector agencies in connection with the transfer between public sector agencies of assets, rights and liabilities comprising electricity network assets for the purposes of an authorised transaction (in place of public sector accounting policies that would otherwise be applicable in respect of any such transfer).