103Value of former National Electricity property

103 Value of former National Electricity property

(1) The value to a person nominated by the Minister in a direction under section 99 of former National Electricity property as at the relevant date is the value shown in, or calculated in accordance with, the relevant allocation statement.

S. 103(2) amended by No. 35/1997 s. 22(j).

(2) If a person nominated by the Minister in a direction under section 99 is a distribution company or transmission company, the consideration payable by the distribution company or transmission company in respect of former National Electricity property vested in it under an allocation statement under this Part is an amount equal to the value shown in, or calculated in accordance with, the statement.

S. 103(3) amended by No. 35/1997 s. 22(k)(i)(ii).

(3) On the date notified in writing to the distribution company or transmission company by the Treasurer for the purposes of this subsection, a distribution company or transmission company becomes liable to pay to the Treasurer, at the time and in the manner specified by the Treasurer, an amount equal to the sum of the considerations referred to in subsection (2), less the value of the liabilities that, before that date, have become liabilities of the distribution company or transmission company, as the case requires, under an allocation statement under this Part.

S. 104 substituted by No. 53/1994 s. 24.