99Minister may direct National Electricity to transfer property

99 Minister may direct National Electricity to transfer property

(1) The Minister may, in writing, direct National Electricity to transfer property, rights and liabilities of a specified kind to a person or persons nominated by the Minister.

(2) Within 3 months after receiving a direction under subsection (1), National Electricity must give to the Minister a statement approved by the Minister relating to the property, rights and liabilities of National Electricity to which the direction relates, as at a date specified by the Minister for the purposes of the statement.

(3) A statement under this section—

(a) must allocate the property, rights and liabilities of National Electricity shown in the statement to, or between, the person or persons nominated by the Minister; and

(b) must be signed by the chief executive officer.

(4) If a statement under this section is approved by the Treasurer and the Minister—

(5) The Treasurer and the Minister may at any time direct National Electricity to amend a statement given to them under this section as specified in the direction.

(6) An allocation statement under this section may be amended by writing signed by the Treasurer and the Minister.

S. 99(6A) inserted by No. 56/1995 s. 21, amended by No. 35/1997 s. 22(i).

(6A) A direction under subsection (1) or (5) or an amendment under subsection (6) that would affect a distribution company, a transmission company or a generation company must not be given or made unless all the shares in the company are held by, or on behalf of, the State or a statutory authority.

(7) In this section, statement and allocation statement include a statement or allocation statement amended in accordance with this section.

S. 100 substituted by No. 53/1994 s. 24.