7Protection of State’s interest in transferred network infrastructure assets

#### 7 Protection of State’s interest in transferred network infrastructure assets 7 Protection of State’s interest in transferred network infrastructure assets > > (1) A public sector agency must not transfer any network retained interest held by the public sector agency. > > > (2) This section does not prevent— > > > > > (a) the granting or enforcement of a security interest over any network retained interest, or > > > > > (b) the conferral or enforcement of a security interest over any interest in a network infrastructure assets lease, being a security interest that arises by operation of law, or > > > > > (c) a transfer by or at the direction or under the authority of a liquidator, receiver, receiver and manager, administrator or the like in the course of a winding-up, receivership or other external administration, or > > > > > (d) a transfer by way of lease (a new lease) created by a sublease under, or surrender and regrant of, an existing network infrastructure assets lease (the existing lease) where the transfer does not result in the level of the public sector’s interest in the entity that is the lessee under the new lease being less than it was for the existing lease, or > > > > > (e) any transfer to a public sector agency, or > > > > > (f) a transfer authorised by the regulations. > > > (3) In this section— > > > > network infrastructure assets lease means a lease of assets comprising or including network infrastructure assets. > > > > network retained interest means any interest of a public sector agency in— > > > > > (a) a network infrastructure assets lease (other than as the lessor of a transacted distribution system or transacted transmission system), or > > > > > (b) a public sector agency that is a lessee of such a lease or that is a partner in a partnership that is a lessee of such a lease. > > > > transfer includes surrender.