Electricity Supply Act 1995
12Trust accounts for strategic benefit payments
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12 Trust accounts for strategic benefit payments
12 Trust accounts for strategic benefit payments
(1) This clause applies to the holder of a transmission operator’s licence subject to a condition imposed under clause 6(2)(i).
(2) The holder must keep a trust account in connection with strategic benefit payments required to be paid by the holder under the condition.
(3) The holder must pay into the trust account amounts for strategic benefit payments required to be paid into the account by the condition.
(4) Money in the trust account is held in trust for the persons entitled to receive strategic benefit payments.
(5) Money not paid as a strategic benefit payment within 6 years after the money is paid into the trust account must be paid to the Treasurer for payment into the Consolidated Fund.
(6) Payment of a strategic benefit payment required to be made from money paid to the Treasurer under subclause (5) must be made from the Consolidated Fund, which is appropriated accordingly.