10Transfer of business, property, rights and liabilities, &c.

10 Transfer of business, property, rights and liabilities, &c.

(1)  In this section –

operation means any operation or activity of the Hydro-Electric Corporation relating to or associated with one or more of the following or any part of such an operation or activity:

(a) the transmission of electricity;

(b) the distribution of electricity;

(c) the retailing of electricity;

transfer day means the day specified in a transfer notice as the day on which the transfer notice takes effect;

transfer recipient means the Crown, or company, to which transferred business is transferred by a transfer notice;

transferred business means any, or any part of any, operation, property, right or liability specified in, and transferred by, a transfer notice;

transferred contract means –

(a) a contract where that contract –

(i) relates to transferred business; and

(ii) was made or entered into by the Hydro-Electric Corporation before the transfer day; and

(b) any part of a contract where –

(i) that part relates to transferred business; and

(ii) that contract was made or entered into by the Hydro-Electric Corporation before the transfer day.

(2)  The Treasurer, by notice published in the Gazette, may –

(a) transfer any, or any part of any, operation, property, right or liability of the Hydro-Electric Corporation to the Crown or a company (whether or not that transfer is for a consideration); and

(b) specify the value of any operation, property, right or liability so transferred; and