121Value of former ESV property

121 Value of former ESV property

(1) The value to a distribution company or another person of former ESV property as at the relevant date is the value shown in, or calculated in accordance with, the relevant allocation statement.

(2) The consideration payable by a distribution company in respect of the property and rights of ESV 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.

(3) On the date notified in writing to the distribution company by the Treasurer for the purposes of this subsection, a distribution 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 sum of the value of—

(a) the liabilities that, before that date, have become liabilities of the distribution company under an allocation statement under this Part; and

(b) the financial obligations for which the distribution company is responsible as at that date in accordance with an allocation statement under section 77.

S. 122 substituted by No. 53/1994 s. 24.