62Scheme financial vehicle

62 Scheme financial vehicle

62 Scheme financial vehicle

(1) Within 3 months of the commencement of this section, the financial trustee is to establish the scheme financial vehicle as a company limited by shares under the Corporations Act 2001 of the Commonwealth.

(2) Despite subsection (1), the regulations may authorise the financial trustee to instead be the scheme financial vehicle.

(3) The financial trustee is to arrange for all the shares in a company referred to in subsection (1) to be held on trust by the financial trustee for the purposes of this Act.

(4) The scheme financial vehicle is to act in a commercially reasonable and prudent way under any contract or agreement made under this Act.

(5) If the appointment of a person or body as financial trustee under section 61 is terminated or the person or body resigns the appointment, the person or body is to arrange for its shares in the scheme financial vehicle to be transferred to the new financial trustee.

(6) The regulations may make provision for or with respect to the transfer of shares following the termination or resignation of the appointment of the financial trustee in circumstances where the financial trustee is the scheme financial vehicle.

(7) A court assessing liquidated damages in relation to a breach of a contract to which the scheme financial vehicle is a party is to take into account damages suffered by NSW electricity customers as if they were damages suffered by the scheme financial vehicle.